Nike’s iconic Jordan brand is now worth billions of dollars, but did you know that it all began with a $2.5 million budget and a gamble by Nike executive Sonny Vaccaro? In a recent excerpt from the book “Michael Jordan: The Life” by Roland Lazenby, the story of how Vaccaro convinced Rob Strasser to invest in a young Michael Jordan is revealed.
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Vaccaro believed that Jordan, who is 1984 was a rising star at the University of North Carolina, had the potential to be the biggest athlete in the world. And he was willing to bet his job on it.
Vaccaro’s Determination and The Deal
Vaccaro was convinced that Jordan was about to become a superstar, unlike anything the basketball world had ever seen. However, at the time, Jordan wasn’t the icon he is today.
“Back then, Michael wasn’t glorified, glamorized,” Vaccaro pointed out. “He was very good, but he was seen as another guy on Dean’s team.”
Despite this, Vaccaro was determined to convince Nike to invest in Jordan. He argued that the rising star was about to achieve unimaginable stardom, and Nike had to hitch its fortunes on that rising star.
“My point was, whatever money we had, give it to him,” Vaccaro recalled.
Rob Strasser, the then head of Nike’s marketing department, was hesitant.
“You gonna bet your job on it?” he asked Vaccaro.
Vaccaro, who was making just $24,000 a year in base pay at the time, smiled and said, “Sure.” It was a gamble that paid off. Nike cut off its budget for other athletes and gave it all to Jordan. The brand became a sensation, and the rest is history.
The Unparalleled Success of Michael Jordan the Jordan Brand
Today, the Jordan brand is worth an estimated $3.1 billion, and Michael Jordan himself is a billionaire. It’s hard to imagine that it all began with a $2.5 million budget and a gamble by Sonny Vaccaro. Nonetheless, as the story goes to show, sometimes the biggest risks can lead to the biggest rewards.
The story of how Sonny Vaccaro convinced Nike to invest in Michael Jordan is a testament to the power of foresight and risk-taking. It’s a story that has become part of sneaker lore, and it’s one that continues to inspire sports fans and businesspeople alike.
