Magic Johnson Recalls Leaving A Nike Shoe Deal On The Table — ‘Man, I Would’ve Been A Trillionaire By Now’ Shanique Yates. Apr 26, 2022. Earlier in his career, Magic Johnson made a decision that, in hindsight, could have cost him in the long run.
In this post
Did Magic Johnson really turn down Nike?
“I’m still kicking myself. Every time I’m in a Nike store, I get mad. I could’ve been making money off of everybody buying Nikes right now.” It’s safe to say the decision in 1979 cost him a few billion $.
How much did Magic make with Converse?
Which shoe companies do current NBA stars have deals with? Of course, the $100,000 Magic Johnson received from Converse at the time would pale in comparison to today’s player sneaker deals.
Does Magic regret not signing with Nike?
Magic Johnson has revealed he regrets not signing a deal with Nike when making his NBA debut in 1979. Johnson was drafted to the LA Lakers and signed a cash deal with shoe company Converse, rather than with Nike. “I’d never heard of stock at 19 years old,” said Johnson.
Who was Magic’s first shoe deal?
And we have a particularly fun one to investigate post-Episode Six: Magic Johnson whiffing his shot at a stake in Nike. The way Winning Time tells it, the once-fledgling Nike co-founder Phil Knight pitched his heart out to the rookie—offering him a shoe with his name on it. The other offer? $100,000 from Converse.
Who owns Nike now?
Phil Knight
4 The co-founder of Nike, Phil Knight, and his son Travis Knight, along with the holding companies and trusts they control, own more than 97% of outstanding Class A shares. 5 This allows the Knight family to exercise effective control of Nike even though it is a publicly traded business.
How much did magic lose on Nike deal?
According to the show, Nike owner Phil Knight offered Magic $100,000 in Nike stock and a $1 royalty for every Magic shoe sold. During the episode, a graphic appears estimating that Johnson lost out on $5.2 billion.
How much of Starbucks does Magic Johnson own?
“Magic Johnson invested in 125 Starbucks locations”: How Lakers legend’s $1 billion company grew with a bevy of business savvy investments. Magic Johnson invested in 125 Starbucks franchises to help build out his business portfolio and acquire a $1 billion company.
Who was Nike’s first endorsement?
Nike’s first professional athlete endorser was Romanian tennis player Ilie Năstase. The first track endorser was distance runner Steve Prefontaine. Prefontaine was the prized pupil of the company’s co-founder, Bill Bowerman, while he coached at the University of Oregon.
How much has Michael Jordan made from Nike?
Meanwhile, Jordan’s deal with Nike included a clause for royalties. According to Essentially Sports, Jordan gets 5% from each Air Jordan sale; this is how he has been able to make $150 million per year.
How much money did magic make from Nike?
(We’ll talk about that $5.2 billion in a moment.) Article continues after video. As Johnson said: When I first came out of college, all the shoe companies came after me — and this guy, Phil Knight, who had just started Nike.
How many companies does Magic Johnson own?
The Beverly Hills–based Magic Johnson Enterprises formerly owned Magic Johnson Theatres in four cities, 31 Burger King restaurants in the Southeast, and 13 24-Hour Fitness/Magic Johnson Sport health clubs.
Magic Johnson Enterprises.
| Industry | investment |
|---|---|
| Founder | Magic Johnson |
| Headquarters | United States of America |
Who is the richest man in Nike?
As of July 23, 2020, Knight was ranked by Forbes as the 24th richest person in the world, with an estimated net worth of US$54.5 billion.
| Phil Knight | |
|---|---|
| Knight in 2010 | |
| Born | Philip Hampson Knight February 24, 1938 Portland, Oregon, U.S. |
| Alma mater | University of Oregon Stanford University |
Top 10 Owners of Nike Inc
| Stockholder | Stake | Shares owned |
|---|---|---|
| The Vanguard Group, Inc. | 8.07% | 102,454,051 |
| BlackRock Fund Advisors | 4.76% | 60,397,269 |
| SSgA Funds Management, Inc. | 4.46% | 56,574,411 |
| AllianceBernstein LP | 2.13% | 27,015,845 |
Is Nike a black owned company?
Most majorly popular sneaker brands are not Black-owned, juggernaut sneaker companies like Converse, Nike, Adidas, and New Balance attract millions of Black customers worldwide but have non-Black founders.
Who is the richest NBA player?
Michael Jordan
According to Forbes, Michael Jordan is NBA’s richest player with a humongous net worth of US$1.7 billion.
How rich is Magic Johnson?
The world’s best American former professional basketball player “Magic Johnson” has a net worth of $600 Million.
Why is Magic Johnson so rich?
Johnson earned nearly $40 million in salary during his NBA career. His investment firm, Magic Johnson Enterprises, now has holdings worth an estimated $1 billion across various industries.