Shaquille O’Neal was one of the most marketable superstars in the NBA the second he entered the league in 1992. In fact, Reebok signed him to a $15 million deal that would run for a multitude of years in 1992, the same year that the Orlando Magic drafted him with their number one overall pick.
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Taking inspiration from Michael Jordan’s ‘Jumpman’ logo’, he would have shoes made by Reebok with him dunking as that was his skill when he was playing. These shoes would be a premier line of basketball sneakers, going for hundreds of dollars.
However, Shaq’s perspective on the pricing of his shoes changed when an angry customer cursed him out for their high price point. Shaq tried to calm her down by offering to buy her shoes worth $2,000, but it wasn’t enough as she rejected the money. To solve this, ‘The Big Aristotle’ left Reebok altogether, leaving $40 million at the door.
Does Shaquille O’Neal own Reebok?
It’s common knowledge by now that Shaquille O’Neal is one of the most prolific investors in the United States, regardless of whether or not we’re comparing him to athletes or the general public. He’s done everything from buying fast-food joints to car washes in an attempt to master the art of passive income.
One investment that has served the Lakers legend quite well is being the second-largest shareholder in Authentic Brands Group. The company that holds the rights to and owns the likes of Elvis Presley, JCPenney, and Marilyn Monroe. So, if the companies that are tied to ABG make a profit, Shaq gets a cut out of it every single time.
This is why, when Austin Butler’s ‘Elvis’ came out, fans were shocked to see that Shaquille O’Neal was somehow making profits from the movie’s success.
As revealed in Netflix’s Power Moves with Shaquille O’Neal, O’Neal had been adamant about ABG buying Reebok from Adidas ever since he came on board. His wish finally came true when ABG managed to acquire Reebok in August 2021.
How Much Did Shaq Buy Reebok for?
It was no easy feat for Shaq and the Authentic Brands Group to manage to acquire Reebok. Even with Shaq being adamant, they had to fight through the competition and went through a bidding war. They had to take down the likes of Baron Davis and Master P.
Eventually, O’Neal and ABG prevailed, as they purchased Reebok from Adidas for a sum of $2.4 billion.
Shaq & Authentic Brands Group are purchasing Reebok from Adidas for $2.5 billion pic.twitter.com/BjdTvybinE
— Hot Freestyle (@HotFreestyle) August 26, 2021
What role does Shaq play in Reebok?
Shaquille O’Neal spent the majority of his NBA career linked with Reebok. Right from when he was a rookie in 1992 to his final NBA game as a Laker, O’Neal was always spotted wearing Reeboks. For quite some time, Reebok was #2 in the shoe business, right behind Nike.
However, Reebok went off the radar in 2007, and since investing in ABG, Shaq has been vying for their resurgence. Once ABG got Reebok, they named Shaquille O’Neal the President of Basketball Operations. To help him out, Shaq brought on the other mega-successful basketball player Reebok had, Allen Iverson, as the Vice-President of Basketball Operations.
Reebok’s resurgence, courtesy Shaq and Allen Iverson, can be caught on the Netflix series Power Moves with Shaquille O’Neal.
