Shaquille O’Neal was offered $80 million by Orlando Magic, but he opted for a far better deal with Jerry West and the Lakers.
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Shaquille O’Neal is one of the richest athletes in American history. He’s created a fortune worth $400 million. Though mostly made by his smart investments, it’s needless to say that his NBA paychecks helped.
In his rookie season, Orlando Magic paid Shaq $3 million. For a 20-year-old in 1992, $3 million must have felt like king’s money. Shaq recounts in his book how he went on a shopping spree after his first paycheck.
But compared to what the future held for him, $3 million almost looks like a joke. Shaquille O’Neal, post his first shock, quickly understood the economics of the NBA.
He understood his worth and how much money he deserved. So, once his four years were over with Magic, he wanted a much better contract. But Orlando Magic refused to offer O’Neal what he had requested. Instead, they offered him $80 million over 7 years.
Shaquille O’Neal refused Orlando’s offer for Lakers’ deal
In his book Shaq Uncut, Shaquille O’Neal descriptively revealed the entire saga of joining the Lakers. He described how Jerry West helped him sign an astonishing $121 million contract.
When O’Neal became a free agent, he evaluated his worth at $100 million. During a call with John Gabriel, who was newly elected as the team’s GM, O’Neal requested a whopping $150 million.
But the Orlando Magic weren’t having any of that. They at first offered Shaq just $69 million over a 7-year period. In 1996, there was no concept of restricted free agents, so when O’Neal entered free agency, he was allowed to pick his own team. Orlando wasn’t allowed to make the same offer as other teams to retain him.
So, Shaq got in touch with Jerry West, who was the Lakers’ GM back in 1996, and tried figuring out a deal. Needless to say, West was pretty keen on signing Diesel. So, he offered O’Neal $98 million over 7-years. In the meantime, Orlando also offered Shaquille O’Neal $80 million.
But O’Neal was not impressed by the offer even though he wanted to stay in Orlando. The reason was simple. Magic refused to pay Shaq more than they were paying Penny Hardaway.
Hurt by his team’s decision, Shaq desperately tried to sign with Lakers
Orlando’s decision to not pay Shaq more than Penny Hardaway left a deep impact on Shaq. In his eyes, he was the greatest young star in the league. So, seeing Magic favor Penny over him did not sit too well with the 7’1″ giant.
He immediately reached out to Jerry. But to Shaq and his agent’s surprise, West came equipped with a new offer this time around.
West had traded George Lynch to the Vancouver Grizzlies and had now enough budget to offer Shaq $121 million over 7 years. Shaq agreed to the contract.
Orlando, after coming to know about the deal between O’Neal and West also matched the Lakers’ offer. But by then Shaq had made his decision.
