Spencer Haywood’s Agent Once Told Him To Turn Down A 10% Stake In Nike
— Updated on 30 April 2020

Spencer Haywood’s Agent Once Told Him To Turn Down A 10% Stake In Nike

— Updated on 30 April 2020
John McMahon
WORDS BY
John McMahon

People’s heads turned back in 2015 when LeBron James penned a lifetime endorsement deal with Nike valued at US$500 million, but this blunder from Hall of Famer Spencer Haywood back in the day is an entirely new level of insanity.

At the tender age of 21 and just after starting his 14-year career as a pro, Spencer Haywood was reportedly offered two options by Nike in exchange for promoting its shoes; either US$100,000 or a 10 percent stake in the company.

10 percent!

At the advice of his agent, Haywood took the cash rather than partnering with Phil Knight & Co. for what would have been a healthy earning in today’s world of US$8.6 billion.

A gold medalist in the 1968 Olympics and an exemplary record as one of the greatest forwards in NBA history, Haywood went on to win a championship with the Los Angeles Lakers in 1980, so Nike’s investment was profitable either way. We wish we could say the same for Haywood.

RELATED: Nike Praise The G.O.A.T. With “Federer Forever” Air Force 1

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John McMahon
WORDS by
John McMahon is a founding member of the Boss Hunting team who honed his craft by managing content across website and social. Now, he's the publication's General Manager and specialises in bringing brands to life on the platform.

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