Magic Johnson reflects on missed $1 billion Nike deal from 1979

Magic Johnson recalls a significant decision from 1979, when he opted for a guaranteed Converse contract instead of Nike's stock offer. At that time, Johnson did not fully understand equity or long-term ownership. The missed deal has become a poignant reminder, as he estimates its worth would exceed $1 billion today. Despite this regret, Johnson has established a successful business empire in sports, real estate, and media, with an estimated net worth of around $1.6 billion. His story highlights the contrasts between his career choices and the subsequent success of Nike, particularly with Michael Jordan's Air Jordan brand.

• 10:53 AMYahoo Sports — Magic Johnson’s $1 billion Nike regret still stings decades later