The current generation is mostly unaware of the impact Spencer Haywood had on the NBA. The legendary player won a lawsuit against the NBA which resulted in the ‘Haywood’ rule being implemented. The rule allowed players to be drafted without having to complete college. During his appearance as a guest on ‘KG Certified with Kevin Garnett’, Haywood mentioned how players like Magic Johnson, Michael Jordan, LeBron James, and many other legends benefitted from the rule and generated over $50 billion in revenue.
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Spencer Haywood is undoubtedly one of the most impactful players to have ever played in the NBA, in terms of shaping the league’s future. He played an integral part in changing the league’s direction. Apart from being the reason players were allowed to join the NBA without completing college, his actions also resulted in the merger between the ABA and the NBA. His contributions have benefited countless athletes and still continue to do so.
Spencer Haywood talks about the impact his rule has had on NBA players
Spencer Haywood recently appeared as a guest on ‘KG Certified with Kevin Garnett’ on Showtime Basketball to talk about his legal battles with the NBA and how the game has evolved since his days in the league. The 74-year-old also mentioned the impact his rule has created after he won the lawsuit in the Supreme Court. According to him, since 1971, the league has generated over $50 billion based on the rule and this has shaped the careers of some of the greatest players ever. Here is what he said:
“You know that rule has created over $50 billion in players’ revenue, since 1971 until now. All of the greats – Magic [Johnson], [Michael] Jordan, you [Kevin Garnett], Kobe, T-Mac, Dwight Howard, Bron, all of it.”
In 1970, Haywood signed with the Seattle SuperSonics without completing college, which resulted in the league filing a lawsuit. Being the sole provider for his family, the court ruled in his favor. This led to the ‘Hardship’ rule being implemented in 1971. According to the rule, players who were the sole earners of their families were allowed to join the league without completing college.
However, seeing the overhead costs, in 1976, the hardship requirement was eliminated. The players could join the league after completing high school. Since 1976, several NBA greats have taken advantage of this rule change. Players like Michael Jordan and Magic Johnson joined the league mid-college, while players like LeBron James and Kevin Garnett were drafted right after high school.
Haywood sacrificed $2.8 billion worth of Nike stocks
After shifting to the NBA in the 1970s, Spencer Haywood made a name for himself through his stellar performance. This led to him being approached by Nike executives for an endorsement deal. The deal offered $100,000 in cash or a 10% stake in equity. Well, it was a difficult choice considering the era, and Haywood chose the safer option.
The 10% in stocks is now worth a whopping 2.8 billion dollars. In Haywood’s defense, Nike had just started entering into the foray and was yet to make a name for themselves. However, in 1984, Michael Jordan did not make the same mistake as his colleague. He went on to build one of the biggest sneaker brands in the world. Thanks to the deal, MJ’s net worth stands close to 2 billion dollars to date.
