Michael Jordan’s Hero Magic Johnson Turned Down Huge Nike Shoe Deal That Cost Him Over $600 Million

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Magic Johnson is considered by many to be the greatest point guard to ever live. And before Michael Jordan came onto the scene, he was considered the greatest of all time. Being one of the greatest of all time, Magic earned millions throughout his career through endorsement deals and deals. But when he was 19, he turned down a deal that would now be worth billions.

When Magic was 19, he was the star of basketball. He had just won a national championship and teams were lining up for his signature. And just like teams, shoemakers were also lining up for Magic. One of these companies was Nike. Nike may be the biggest shoe company in the world, but back then they were just a small name and just getting started. And they couldn’t offer Magic the kind of money it was looking for. Instead, they offered something, which has proven extremely valuable to date.

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Magic Johnson laughed when Nike offered him stock instead of cash

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Nike offered Magic a share of the business. Nike was just getting started and they wanted Magic to be the face of their company. So they offered him shares. The magic says, “When I got out of college, all the shoe companies came after me and this guy, Phil Knight, who had just started Nike.”

“All the other companies offered me money, but (Nike) couldn’t offer me any because they were just getting started. So he said, ‘Stock. I will give you plenty of stock. I didn’t know anything about the stock. I come from downtown. We don’t know the stocks. Boy, did I make a mistake. I still kick myself. Every time I’m in a Nike store, I go crazy. I could have made money off everyone buying Nikes right now.

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The shares offered by Nike are now worth more than $600 million. And that’s just a rough estimate. The actual number would be significantly higher. But Magic says it has no regrets because stockpiling was not a smart move. No one expected Nike to become as big as it is today. So while it may sound silly, Magic did the right thing and made the smart decision for itself.

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