Instead, the point guard signed a contract with Converse, which paid him approximately $100,000 per year on average. Despite this, he still wishes he had signed with the swoosh.
Following his meeting with Nike creator Phil Knight, Earvin ‘Magic’ Johnson (Quincy Isiah) turned down a lucrative endorsement agreement with the company. This was one of the primary stories of ‘Winning Time: The Rise of the Lakers Dynasty’ (Olli Haaskivi). The Los Angeles Lakers prodigy was one of the most sought-after players during his time, which resulted in a slew of lucrative endorsement deals. Converse was one of them, and they eventually signed him, but there was also a fantastic contract on the table with Nike, but Johnson decided not to take it because he had personal reasons for not doing so.
Nike creates a prototype of the shoes that will be supplied to Magic, complete with his name on them. The prototype was white, sleek, and emblazoned with Magic’s name in purple, symbolising his time with the Lakers. Instead, the point guard signed a contract with Converse, which paid him approximately $100,000 per year on average.
Magic Johnson turned down a partnership with Nike for several reasons
For starters, Nike was still getting its bearings in the sports shoe industry and didn’t have the resources to offer Johnson a lucrative contract. Instead, they decided to bring him on board as a partner. In addition, the company was heavily focused on track and field in its early phases, and instead of cash, Knight offered him a stock-based compensation package, which Johnson had no idea what it meant at the time. Instead, he chose Converse since his childhood hero Dr. J (Julius Erving) wore the brand’s sneakers throughout his professional career. On a side note, Johnson did not sign with them until 1981, which is different from the show.
Throughout the years, Nike’s reputation has grown enormously. After selling their shares for only 18 cents each in their initial public offering (IPO), the shoe behemoth is now valued at more than $219 billion, according to the most recent figures available. Johnson admits that he still has a tinge of disappointment about not signing with the Swoosh. “I’m still hating myself for what I did. I feel enraged every time I walk into a Nike Store. As he put it, “I could have made a lot of money off of everyone buying Nikes right now.”
Nike’s Jordans are an all-time classic in the sneaker world. Just about everyone, from celebs to fans, has a thing for the sleek and distinctive shoes, and Episode 5 of ‘The Last Dance’ provided an inside look at how Nike and their Jordans came to be created. Perhaps this is the time of year when we remark, “It all began…”.
And it did so at a time when Jordan was rapidly becoming a global brand. According to the docuseries, Nike wasn’t Jordan’s first pick when it came to shoes. Bring yourself back to 1984, when Nike was mostly recognised for selling track shoes, and Converse was one of the major brands, as well as the official shoe partner of the NBA. It was worn by legends such as Larry Bird, Magic Johnson, and Isiah Thomas, among others. In Jordan’s case, this was just the kind of endorsement he required. Converse, on the other hand, didn’t really see or know what was going to happen to him at the time.
But then, there’s always a narrative to be found somewhere.
‘Winning Time: The Rise of the Lakers Dynasty’ airs on HBO on Sunday nights at 9 p.m. ET.