“Magic Johnson… Made a Lot of Money”: Shaquille O’Neal Laments $100 Million Opportunity He Lost to Fellow Lakers Legend

Published 10/25/2022, 4:00 PM EDT

NBA legend Shaquille O’Neal is one of the richest former athletes in the history of the NBA. Over the course of his career, O’Neal made millions in NBA salary and endorsement deals and partnerships. However, he did not settle for the immediate influx of money. He looked ahead and wanted not just to be rich but wealthy in the future. The four-time champion was very ambitious and made some bold and smart investments over the years. He also educated himself to be a better entrepreneur and to be in control of situations.

However, he is also prone to making some mistakes from time to time. And he has been open about some of the things that he had missed out on in the past.

Article continues below this ad

Shaquille O’Neal did not think Starbucks would work in the inner cities

One such missed opportunity was with the popular coffee chain Starbucks. When Howard D. Schultz, CEO of Starbucks reached out to O’Neal for an opportunity to own multiple franchises in inner cities, the former MVP denied it.

Days After Gambling Fiasco, Shaquille O’Neal Caught in Political Turmoil in a Foreign Country

“I could have been the first one to open up a Starbucks in the hood — that’s the keyword,” he revealed. Shaq added, “And I’m thinking about where I’m from. I’m like ‘That ain’t gonna work in the hood.’ I told him to his face,” he explained.

Article continues below this ad

After Shaquille O’Neal rejected the opportunity from Starbucks, another NBA legend Magic Johnson jumped at it. “So, after I turned it down and Magic Johnson did it, you know, made a lot of money,” he added. As per reports, Howard D. Schultz closed the deal with Magic in 1998, and Magic secured over 100 locations. However, he later sold his franchises in 2010.

As per reports, Magic Johnson has a reported net worth of $620 million. Also, the Magic Johnson Enterprises is valued at over $1 billion. However, during his playing career, he earned just over $18 million. Like Shaq, Magic has also missed out on opportunities. He famously missed out on a huge deal with Nike when he came into the league.

Article continues below this ad

WATCH THIS STORY – Shaquille O’Neal’s Bizarre Pre-Game Ritual From His Magic Days

The brand was relatively new at the time and they could not offer what other brands were offering Magic. So Phil Knight, the founder of Nike offered him $100,000 worth of stocks. But Johnson declined and signed with Converse. Had he taken the deal, the stock would have been worth about $600 million by now. The five-time champion admitted he missed out on an enormous chance when he declined to sign with Nike.

SHARE THIS ARTICLE :

Written by:

Bagavathi Eswaran is an NBA writer at EssentiallySports. He has been playing the game of basketball for more than 20 years now and has also been following the NBA for more than 10 years. After not being able to go pro, this former college player decided to join the IT industry.

“Magic Johnson… Made a Lot of Money”: Shaquille O’Neal Laments $100 Million Opportunity He Lost to Fellow Lakers Legend

Shaquille O’Neal did not think Starbucks would work in the inner cities

Trending

“Transferring? Hell Yeah”: Nika Muhl Gets Blunt on Fights With Geno Auriemma After 4 Years of Loyalty to UConn

Shaquille O’Neal and TNT Co-Hosts to Part Ways After 13 Years? Analyzing “Inside the NBA” Hurdles That Might End an Era

Angel Reese in Awe After Caitlin Clark, Cameron Brink, and Other Rookies Shine Bright in WNBA Debut

Unlike Caitlin Clark, Nika Muhl Loves Fever Star’s WNBA Problem: “Honestly, I Had No Idea”

“Choking an Old Man”: 7ft Shaquille O’Neal Restrained Ex-Teammate During Locker Room Outburst, Claims NBA Veteran