Los Angeles Lakers icon Magic Johnson built his fame and wealth on the back of his NBA career and it worked out well for the legendary point guard as he captured five titles with the purple and gold.
Johnson became a beloved figure in the Los Angeles community for his contributions on the court, but he’s been even more successful off of it as he’s used his money and resources to become a smart investor. Johnson’s portfolio spans several different industries, though he remains involved in sports as a minority owner for the Los Angeles Dodgers, Los Angeles Sparks and Washington Commanders among others.
Magic is also no stranger to endorsement deals as he’s been tapped to promote several different products and services in his lifetime. Famously, Johnson signed with Converse when he was still playing and became the face of the brand.
However, Johnson recently admitted that he regrets the decision and wishes he signed with Nike instead, via Earn Your Leisure:
“Converse offered me the most money. And so, when you’re Black and you’re broke, you take the most money, right? So I decided to go with Converse. But Phil Knight came in and he said: ‘I can’t offer you the same amount of money as Converse, but I can give you something called stock.’ And I passed on the stock, not knowing anything about stock at 19 years old. You know how much that stock would be worth today, 46 years later? A billion-five.”
It’s hard to blame Johnson for taking the money from Converse over Nike given the NBA’s popularity then compared to now. There wasn’t a precedent for lucrative shoe deals at the time, so Johnson’s decision is defensible despite the benefit of having hindsight.
Had Johnson accepted Nike’s offer for stock, he would likely be the richest former professional athlete but he still ended up doing well for himself. On the flip side, LeBron James signed with Nike and is reaping the benefits as he was recently featured in an ad for a relaunch of the brand’s “Just Do It” campaign.
Regardless, Johnson has to be happy with how his life turned out as the teams he oversees are all in great positions to compete moving forward.
Magic Johnson chooses Michael Jordan over LeBron James in GOAT debate
Magic Johnson comes from the era where Michael Jordan was deemed the best player ever, so it’s no surprise that he picked him over LeBron James in the never-ending GOAT debate.
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