Magic Johnson reflects on missed $1 billion Nike deal from 1979
Yahoo Sports • 1 min read • Latest: Jun 20, 2026, 10:53 AM
Last updated Jun 20, 2026
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.
- •Johnson chose a Converse contract over Nike's stock in 1979.
- •He estimates the potential value of the Nike deal at over $1 billion.
- •Johnson founded Magic Johnson Enterprises, diversifying into various industries.
- •He has an estimated net worth of around $1.6 billion.
- •Nike's success was significantly bolstered by Michael Jordan's later endorsement.
- 10:53 AMYahoo Sports — Magic Johnson’s $1 billion Nike regret still stings decades later
"Magic Johnson built a billionaire business empire after basketball, but one missed Nike deal from 1979 still stands out as the one that got away. The story is a throwback, not a fresh confession.
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