Magic Johnson revolutionized the NBA and is widely considered one of the five greatest players ever. Additionally, his comeback led to a renewed shoe sponsorship market; Phil Knight pitched Magic a Purple pair of Nike Blazers during an episode of Winning Time!
Magic decided on traditional Converse sneakers and signed for $100,000 cash – ultimately becoming one of the richest people on Earth while simultaneously becoming one himself! He eventually transformed not only their brand and league into billionaires but himself too!
Earvin “Magic” Johnson has proven himself one of the most successful athletes-turned-businesspeople of all time, yet even he occasionally makes errors of judgment he later comes to regret. One decision in particular that was one such mistake was when he turned down an endorsement deal from Nike.
In 1979, Magic was just starting his NBA career with the Los Angeles Lakers when sneaker companies like Converse, Adidas and Nike approached him about signing an endorsement contract; among these was Converse which offered all cash upfront. Magic chose them.
At first, Magic had no track record or major endorsers to back them up and it was hard to predict whether their shoes would sell. Phil Knight offered them an unusual deal: instead of giving cash directly, he gave Magic shares in order to build them into an iconic brand that endures today. That investment paid off, as Magic remains one of the world’s leading shoemakers while Nike remains one of its iconic shoemakers today.
At just rookie status on the Los Angeles Lakers, Earvin “Magic” Johnson received offers from sneaker companies eager to outfit his size 14 feet. According to episode six of HBO’s Winning Time, Nike co-founder Phil Knight pitched him a signature shoe deal of either $100,000 cash or a share in their upstart brand that was beginning to rival Converse.
Magic chose cold hard cash as his path forward, using his newly acquired power and influence to establish himself as an international business icon. Today he holds stakes in movie theaters, Starbucks and even NBA basketball franchises; yet still remains knowledgeable of sneakers and the shoe business; having learned from early missteps which propelled his rise as an industry giant.
Collectors who own game-worn Magic Johnson sneakers can relive the 1980s when he led the LA Lakers to five NBA championships during that era. As one of the pioneers in over-the-top contracts and basketball footwear innovation, his 6’9″ point guard signed one of the first over-the-top contracts ever seen in professional basketball – helping cement Converse as an industry standard brand.
Episode Six of Winning Time depicts young Magic Johnson being approached by Nike co-founder Phil Knight with an offer that would give him a stake in their fledgling brand and include stock options, though due to lack of business knowhow at 19 he chose cash instead.
No matter their decision, Magic Johnson remains one of the greatest players ever. He won five NBA Championships, three Finals MVP awards, and 12 All-Star appearances during his incredible career. These signed Earvin “Magic” Johnson Converse Weapon shoes reflect 1980s shoe sponsorship era NBA. These come complete with Beckett Authentication Services Hologram and Certificate of Authenticity from Beckett Authentication Services for authenticity purposes.
Magic Johnson is one of the best-known basketball players ever. He has won multiple NBA championships and earned impressive salaries from playing career, endorsements and personal appearances. Furthermore, Magic has a successful signature shoe line with Nike.
One decision Magic made early on could cost him dearly: his choice to sign with Converse instead of Nike as a professional athlete.
At that time, Nike was still finding its feet. Phil Knight offered Magic an agreement consisting of both cash and stock options; since he wasn’t familiar with stocks he decided on Converse instead.
Nike is now an international powerhouse, with nearly $40 billion in annual revenues generated worldwide. They have revolutionized sports, becoming an icon of excellence. Magic may regret turning down Nike as an employer but has fared quite well post-retirement; his business empire now is estimated at worth an estimated $600 million!