The primary basketball participant to rep Nike, Spencer Haywood, stated his agent bought his stake within the firm manner too early, leading to him lacking out on an enormous windfall.
On a current episode of All of the Smoke, Haywood stated earlier than Nike grew to become the behemoth it’s at present, his consultant, strapped for money, satisfied him to promote his shares pondering the model wouldn’t be value 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 provided Haywood shares as an alternative of money, as Nike was nonetheless a startup firm.
“To start with, I used to be younger, too. And I’m pondering, 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 recognize have them payments taken care of,” Haywood stated on the podcast. “So he was like, convincing me that the shoe is rarely going to work as a result of, take a look at what occurred. As a result of once I was strolling, operating down the ground, guys would come behind me and pop my shoe off…It was new. It was a operating shoe.
“So I stated, “OK, man. I’ll provide the energy of lawyer. Let me simply go play. I bought to play. I bought to concentrate on this recreation now as a result of that is my probability. Once I got here again, he had bought that s**t. He stated, ‘Man, I bought the money proper right here: $100,000.’”
Co-host Matt Barnes requested Haywood how a lot the inventory can be value at present.
“It was up round $2.7 billion,” the NBA Corridor of Famer replied.
RELATED CONTENT: Nike Pronounces ‘Virgil Abloh: The Codes’ Exhibit Taking Place In Paris
