Magic regrets passing on Nike deal: 'I would've been a trillionaire'

Bart Young / National Basketball Association / Getty

Magic Johnson is still kicking himself for choosing Converse over Nike early in his NBA career.

The Los Angeles Lakers legend recently explained how he passed on signing with Nike in 1979 because the company offered him stock options. Johnson admittedly knew nothing about stocks, so he opted for a cash deal with Converse instead.

"I've never heard of stock at 19 years old, so I took the money ... man, I would've been a trillionaire by now," Johnson said. "You think about in 1979, getting that stock then, and what it's worth today? Yikes. So that kills me every single time I think about that. And I'm like, 'Man, Michael Jordan would've been making me so much money.'"

The story of Johnson turning down an offer from Nike co-founder Phil Knight was depicted in episode six of the HBO series "Winning Time: The Rise of the Lakers Dynasty." In the episode, Knight offers Johnson $100,000 in Nike stock options plus $1 for every shoe shipped, which the show estimated would be worth $5.2 billion today.

While Johnson regrets declining a deal with Nike, he still did well for himself financially. The 62-year-old currently has an estimated net worth of over $600 million.

Magic regrets passing on Nike deal: 'I would've been a trillionaire'
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