Magic Johnson had the success he enjoyed on the court translate quite well off it. The Los Angeles Lakers legend won 5 championships alongside Kareem Abdul-Jabbar and established himself as a top 5 player in NBA history. Off the court, he’s built up a similar legacy from a monetary standpoint.
Advertisement
Using his influence, Johnson has since built an empire for himself. His 25-year contract that ran from 1984 to 2009 is nothing compared to the wealth that he’s accumulated over that period of time and up until present day.
He began Magic Johnson Enterprises in 1981 when he bought a radio station and stores that sold themed merchandise revolving around him. These wouldn’t pan out but it didn’t stop Johnson from trying out different things. His breakthrough was being an early investor in Starbucks.
Magic Johnson has built a $1 billion business
Magic Johnson, with all his investments and endorsements, has built up a business that is reportedly worth about $1 billion. Magic himself is worth close to $600 million as reported by multiple sites that track celebrity net worths.
Johnson has done everything from buy stake in the Lakers and then sell it, do the same for teams in the MLB and MLS, and invest in a variety of products. He’s also started his own Magic Johnson Foundation where he makes a litany of charitable donations.
However, while $1 billion is an inordinate amount of money, Magic could’ve reportedly had 5x that number if he had just made a simple deal. This involves dealings that took place between him and Nike.
Magic Johnson could’ve signed the deal of a lifetime with Nike
While Michael Jordan signed with Nike, a company that was mainly known for their running shoes, superstars such as Magic Johnson, Larry Bird, and Bernard King were signed to Converse, the official shoe brand of the NBA.
Nike however, to bolster their roster, would approach Magic and tell him that they would pay him $100,000 upfront and $1 per sale of shoe if he signed with them. The Michigan State alum declined and it was calculated that had he taken that deal, he would’ve made about $5.2 billion up until this point.
He would go on to address this and state that he could’ve made ‘trillions’ off Michael Jordan. Nothing to fret about for Magic however as he still managed to build up a billion dollar empire.
