During a promotional appearance this week for McDonald’s, the retired Los Angeles Lakers great shared his one enormous business regret — choosing to sign with Converse over Nike in 1979.
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Did Magic wear Nike or Converse?
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.
Does Magic Johnson own Converse?
The name of the shoe Johnson had was called “The Weapon”, but it was a torpedo blowing up his opportunity to be a billionaire. The worst part is that Converse got acquired by Nike, and Magic’s line is produced under Nike’s banner anyway!
How much money did Magic Johnson make from Converse shoes?
$100,000
Both companies were trying to sign the league’s hottest rookie. Nike, which was still trying to establish itself, didn’t have the cash Magic was looking for and offered him an option in Nike stock to sign with them. Still young and thinking dollars more than sense, Magic took $100,000 in cash from Converse.
Did Magic miss out on Nike?
Magic Johnson Missed Out On Estimated $5 Billion By Not Signing With Nike.
What shoe did Magic wear?
Winning Time episode 6 focuses on Magic Johnson’s prospective shoe deals with Nike and Converse – the player ultimately chose Converse, a decision he says he regrets to this day.
What shoes did Magic use?
Magic’s “Converse Weapon” sneakers embody the 1980’s era of the NBA – a time when Converse dominated shoe sponsorships. In 1987, a prime Magic Johnson wore these exact sneakers in-game, taking home the MVP award and winning his fourth NBA title that same season.
Was Magic offered a 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.
Who was Nike’s first athlete?
Fusing innovation with inspiration is essential.” “Nike’s first signature athlete was welterweight wrestler, Wayne Wells. The 5′ 8″ Texas native had an accomplished career, winning a gold medal in Munich in 1972 while working closely with Nike footwear designers on his signature, high-top wresting boot.
How much did Magic lose not signing with Nike?
A graphic appears in the episode that estimates that Johnson lost out on $5.2 billion by turning down the offer. Although, Inc. also broke down the numbers, and “Winning Time’s” estimate may not be too accurate. It isn’t clear what the exact numbers equal out to from Johnson leaving the deal on the table.
Who was Nike’s first NBA player?
1973. Nike launches the Blazer basketball shoe. The shoe is worn by NBA player George Gervin, known as “The Iceman” due to his talent for scoring ice cold dunks. The shoe puts the Nike brand into the consciousness of basketball fans for the first time.
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.
What did Converse offer Magic Johnson?
The company came to Magic Johnson and made him the deal much like Nike’s. According to Yard Barker, It was an offer for $100,000. The only difference? Converse was offering all cash for their deal.
When did basketball players stop wearing Converse?
By the 1960s the company had captured about 70 to 80 percent of the basketball shoe market, but the shoe declined in popularity during the 1970s when basketball players wore competing brands. Chuck Taylor All Stars enjoyed a comeback in popularity in the 1980s as retro-style casual footwear.
What happened to Converse weapons?
Fast-forward 40 years, and Converse has recently relaunched the Weapon as part of its CX line. The CX project had already reimagined the Chuck Taylor, injecting it with contemporary technology. The same was done with the Weapon, which has seen its outsole completely redesigned and outfitted with a CX Foam midsole.
Why did the NBA wear Converse?
Originally hailed as the must-have basketball sneaker, players felt like they had more grip than ever before, which allowed them to play harder, run faster and fall less.
Who wears Converse in the NBA?
The initial conversations about joining a select Converse portfolio that now includes NBA players Draymond Green and Kelly Oubre Jr., along with WNBA champion Natasha Cloud, began last year in Las Vegas during the NBA’s Summer League.
Does Nike Own Converse?
Converse (/ˈkɒnvərs/) is an American shoe company that designs, distributes, and licenses sneakers, skating shoes, lifestyle brand footwear, apparel, and accessories. Founded in 1908, it has been a subsidiary of Nike, Inc.
Why did Magic pass on Nike?
The Los Angeles Lakers legend recently explained how he passed on signing with Nike in 1979 because the company offered him stock options. Johnson admittedly knew nothing about stocks, so he opted for a cash deal with Converse instead. “I’ve never heard of stock at 19 years old, so I took the money
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.
Who is the richest athlete ever?
Michael Jordan
After playing a total of 15 seasons in the NBA, playing for both the Chicago Bulls and Washington Wizards, there’s no surprise that Michael Jordan is the richest athlete in the world.