Magic Johnson Lost $5.2 BILLION By Turning Down Nike

Andrew D. Bernstein. Getty Images.

If you haven't seen HBO's new show, "Winning Time: The Rise of The Lakers Dynasty", you need to!! The show focuses on the Los Angeles Lakers' rise to prominence during the 1980s, particularly during the era often referred to as the "Showtime" era. This period was marked by the team's success under the leadership of Magic Johnson and the rivalry with the Boston Celtics. Winning time gives you an inside look to the personalities of iconic figures like Magic Johnson, Kareem Abdul-Jabbar, and others who played pivotal roles in shaping the Lakers' dynasty. Personally, my favorite character is Jerry Buss. The only thing he cares about is getting pussy, and winning championships. Talk about the American Dream.

Also, Pat Riley is a fucking pimp, but I already knew that.

I don't want to ruin the show for everyone who hasn't watched it yet, so I'll pick just one of the many stories that made my jaw drop.

In the early 1980s, as Magic Johnson's basketball career with the Los Angeles Lakers was taking off, he had the chance to sign an endorsement deal with an up and coming sportswear company known as Nike. At the time, Nike was a relatively small player in the market, seeking to expand its reach and brand visibility. Magic was all about the money and pussy, much like his boss Jerry Buss. Unfortunately, for Magic, he didn't know what a stock was, or how a stock worked. Phil Knight straight up told Magic, 'Hey I can't offer you the same type of money, but I can offer you stock." Nike offered Johnson $1 for every pair of shoes sold and 100,000 shares of the company's stock at $0.18 per share. Nike's current stock price is at $107.68. Magic Johnson's decision not to sign with Nike would go on to become one of the most infamous missed opportunities in sports business history. His endorsement deal with Converse, while lucrative at the time, didn't reach the same level of cultural impact that Nike's partnerships achieved. The Air Jordan line, in particular, became a cultural phenomenon and an enduring symbol of athletic excellence and style.