Magic Johnson is one of the most famous businessmen in American history. In 1979, he purchased Converse for $22 million with a plan to sell them at retail and make millions more by re-branding.
Magic Johnson is a retired American basketball player who was born in Michigan. He is the all-time leading scorer in NBA history and has won five championships with the Los Angeles Lakers. In 1979, Magic Johnson signed a deal with Converse worth $25 million. How much money did Magic make from that deal? Read more in detail here: magic johnson real name.
Magic Johnson has had an illustrious basketball career. He’s a Hall of Fame player, a head coach and executive, and a highly wealthy businessman on top of it all.
Many of the leading footwear brands courted Johnson when he first joined the NBA in 1979. He eventually signed with Converse, but not before he had been approached by other companies. Nike was one of the companies that made an offer. Here’s how much Nike offered Johnson and how much Converse ultimately paid him to be his shoe sponsor.
Magic Johnson turned rejected a Nike offer.
Getty Images/Michael Loccisano/FilmMagic/Magic Johnson
It’s important to remember that when Magic Johnson first entered the NBA as a member of the Los Angeles Lakers, Nike was not the behemoth it is now. It was yet a nascent shoe manufacturer attempting to establish itself. According to Inc, Nike founder Phil Knight gave Johnson a significant offer, the best he could at the time. He made him an offer of $100,000 in stock options.
Johnson turned them down because he preferred cash. He’d subsequently come to regret his choice. Johnson’s stock options, which he turned down in 1979, are now worth $5.2 billion. What’s the funniest aspect of it all? Converse, the business with whom Johnson eventually signed, was ultimately bought by Nike. So, despite the billions of dollars in shares, Jonathan ended up at Nike.
What was Magic Johnson’s signing bonus from Converse?
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Converse was the NBA’s largest footwear maker in the late 1970s. Julius “Dr. J” Erving was one of their famous clientele. Magic Johnson was approached by the corporation, who gave him a contract similar to Nike’s. It was a $100,000 offer, according to Yard Barker.
The only distinction? Converse was willing to pay in full for their arrangement. Johnson leaped at the possibility to earn a little more money right now. Despite the fact that he would subsequently regret it, he accepted the Converse offer.
“You know, generally [you think] ‘I have grab this cash!’” Johnson explained his reasons. By now, I should’ve been a billionaire.” “You think about 1979, acquiring that stock, and what it’s worth today?” the legend continued.
The answer is that it would be worth hundreds of billions of dollars. That isn’t the only sneaker transaction that has Johnson scratching his head. Johnson’s Converse contract seems like tip money in comparison to the amount of money some contemporary players earn.
With which shoe firms do current NBA players have endorsement deals?
https://www.youtube.com/watch?v=Weo3X cqlFg
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Of course, Magic Johnson’s $100,000 agreement with Converse back then pales in contrast to today’s star footwear deals. Nike has signed superstars like LeBron James, Kevin Durant, Kyrie Irving, and Paul George to their own trademark shoe agreements, according to NBC Chicago. While almost every NBA player has a shoe contract of some kind, signature shoe lines are only available to the very best players.
Because NBA player and endorsement salaries have skyrocketed in recent seasons, these agreements are all rather considerable. James got a $90 million agreement in 2003, but it has now expanded to be a lifetime deal worth much more.
James Harden and even Derrick Rose each have their own Adidas trademark brand. Consider this: before his career was cut short by injury, Rose signed a 14-year, $190 million contract that is still in effect today.
That demonstrates how far these contracts have progressed since Johnson’s time. Johnson, on the other hand, is unlikely to be upset: he’s earned a lot of money via his business enterprises and isn’t in any financial trouble.
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