The primary basketball participant to rep Nike, Spencer Haywood, stated his agent bought his stake within the firm method too early, leading to him lacking out on a large windfall.
On a latest episode of All of the Smoke, Haywood stated earlier than Nike grew to become the behemoth it’s as we speak, his consultant, strapped for money, satisfied him to promote his shares considering the model wouldn’t be price that a lot.
Nike’s founder, Phil Knight, requested the Seattle SuperSonics star if he would put on the sneakers on the courtroom. Haywood agreed. however Knight supplied Haywood shares as a substitute of money, as Nike was nonetheless a startup firm.
“To start with, I used to be younger, too. And I’m considering, livestock?” What sort of inventory? What inventory? What are you speaking about?”
Haywood stated his agent satisfied him promote his stake again to Nike.
“So I get the inventory and my boy, that I let do the negotiation, he was struggling, you realize have them payments taken care of,” Haywood stated on the podcast. “So he was like, convincing me that the shoe isn’t going to work as a result of, take a look at what occurred. As a result of once I was strolling, working down the ground, guys would come behind me and pop my shoe off…It was new. It was a working shoe.
“So I stated, “OK, man. I’ll provide the energy of lawyer. Let me simply go play. I acquired to play. I acquired to deal with this recreation now as a result of that is my likelihood. After I got here again, he had bought that s**t. He stated, ‘Man, I acquired the money proper right here: $100,000.’”
Co-host Matt Barnes requested Haywood how a lot the inventory could be price as we speak.
“It was up round $2.7 billion,” the NBA Corridor of Famer replied.
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