Magic Johnson Chose Converse Over Nike And Missed A Chance To Earn $5.2 Billion: Nike Offered $1 For Every Pair Of Shoes Sold And 100,000 Shares Worth $0.18 At The Time

Magic Johnson is one of the biggest names to have ever played in the NBA, and very few players have enjoyed the hype he did coming into the NBA. Having led his college team to the NCAA championship over his rival Larry Bird in what was the most-watched college basketball game ever, Magic entered the league as the man of the moment and would go on to be Finals MVP in his rookie season as well.

Understandably, Johnson was a coveted property when it came to endorsements and there was a bit of a battle in terms of which shoe company he would sign with. Both Nike and Converse made offers to Magic and the decision came down to whether he would take stocks instead of cash, with the 19-year-old choosing Converse, who had offered him $100,000 a year at the time.

However, with the benefit of hindsight, it’s the offer that Nike put on the table that would have made him a lot more money had he chosen to go with them. The company offered Johnson $1 for every pair of shoes sold along with 100,000 shares in stock options, with the stock valued at $0.18 at the time.

When contextualized, considering that Nike stock is worth $134 today, Johnson would have $5.2 billion to his name had he decided to sign with the company. However, Converse was a bigger brand than Nike at the time, which adds some more context as to why Magic made his decision as well. 

Nike went on to explode with Michael Jordan, who did end up becoming a billionaire, thanks largely in part to his partnership with the shoe company. There were suggestions that Jordan’s rise and the hype around him and Nike were factors in souring his relationship with Magic a little in their early years, but the two went on to bond during their stint with the 1992 Dream Team. Also, considering that Magic is now worth an estimated $600 million, it’s safe to say he didn’t do too badly for himself either. 

Source: Yardbarker

Only 10 Cities Have Won Multiple Titles In A Year – Los Angeles Now Tied With New York For The Most

Since 1903, 10 cities in the United States have had their clubs win multiple titles. This includes teams from seven major leagues (NFL, NBA, NHL, MLB, MLS, WNBA, NWSL).

A good deal of Los Angeles’ multiple titles were won by basketball teams. The Lakers and the Sparks won titles in 2001 and 2002.

The Galaxy have contributed the most of any Los Angeles team, with titles in 2002, 2012 and 2014 in such years. The NHL’s Kings also won championships in 2012 and 2014.

Los Angeles is the only city to have three teams win a championships in a single year – with the Lakers, Sparks and Galaxy capturing crowns in 2002.

Much of New York’s success can be attributed to its baseball teams, with the Yankees contributing four titles to multiple-title years. Since championships in 1986 by the Mets and the NFL’s Giants, New York has been dormant.

Source: LA Times

NBA Came In $1.5 billion Under Revenue Projections In 2020, Targets Dec 22 As Start To Coming Season

The board is targeting a Dec. 22 start to what would be a season of 70 to 72 games, with the NBA Finals ending in June again as has been in the case for many years, according to a person with knowledge of the situation. The person, who spoke to The Associated Press Friday on condition of anonymity because no plan has been finalized, said the possibility of fans being at games would hinge on how a particular market is faring against the coronavirus at that time.

There are other options, such as waiting until later in the season to begin play with the hope that more arenas would be able to have fans. But starting in December instead of mid-January or later could generate a difference of roughly $500 million in revenue, the person said.

Revenue projections for the league this season were missed by about $1.5 billion, the person said. The losses were the result of a combination of factors — the shutdown caused by the pandemic, the cancelation of 171 regular-season games, completing the season in a bubble at Walt Disney World without fans, the nearly $200 million price tag for operating that bubble and a yearlong rift with the Chinese government that saw NBA games not shown on state television there.

Source: The Associated Press

‘Kobe Bryant Day’ officially passed by Orange County Board of Supervisors; set for August 24 (8/24) to honor both jersey numbers worn by Bryant during 20-year career with Los Angeles Lakers

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The Orange County Board of Supervisors passed a resolution to make Aug. 24 “Kobe Bryant Day,” according to TMZ Sports.

The date honors the two jerseys worn by Bryant during his 20-year career with the Los Angeles Lakers, No. 8 and No. 24. The Hall of Famer was killed in January in a helicopter crash alongside his daughter Gianna and seven other people.

Los Angeles City Council had previously celebrated a Kobe Bryant Day on Aug. 24 in 2016 following his retirement from the NBA.

Source: Bleacher Report

When the NBA returns it may use ‘NBA 2K’ for crowd noise to simulate fans in empty Orlando arenas

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The NBA appears to be back, as both players and owners have approved the league’s 22-team proposal to resume play in Orlando, Florida on July 31 — but the games we eventually see will be much different than anything we’ve grown accustomed to. There will be social distancing, masks and smaller, non-NBA arenas. The most immediately noticeable difference, however, will likely be the lack of fans in the stands.

So what will the NBA do? Well, the league is considering using crowd noise from the popular video game, NBA 2K, to simulate fans during games in Orlando, according to Shams Charania of The Athletic. He added that the league and the NBPA are still discussing creative options.

Source: Engadget

The powerful symbolism of memorializing Kobe (24) and Gigi Bryant (2) on 2/24 at Staples Center

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There was no immediate information about how many total tickets will be for sale to the public. The tickets will be priced in three tiers: $224 for one, $224 for two or $24.02 for one. (Kobe played wearing the jersey No. 24 for the last 10 years of his career; Gianna, who also played basketball, wore the No. 2.) The rest of the tickets are reserved for friends, family and members of the N.B.A. community.

Source: LA Times