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The man that took $100k instead of owning 10% Of Nike. What would you do? - Celebrities - Nairaland

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The man that took $100k instead of owning 10% Of Nike. What would you do? by xwolverine: 6:53pm On Feb 11, 2016
Sometimes you make a decision, and it ends up turning out great. Other times, you might look back and say, "oh, that wasn't the best outcome, but still, not too shabby." Then there are the decisions where it becomes clear very quickly that you made the wrong choice.

For Spencer Haywood, that choice cost him a LOT of money. $8.6 billion, to be exact.

The former ABA and NBA star was thought to be a valuable player coming out of college, and understandably so: he had averaged 32.1 points and an NCAA-leading 21.5 rebounds per game as a sophomore at the University of Detroit, his final year in college.

Thanks to NBA rules, Haywood was not allowed to enter the league as a sophomore, so he joined the Denver Rockets of the ABA. In one season with the Rockets, he averaged 30 points and 19.5 rebounds per game. After that season, he was signed by the Seattle Supersonics, and since he was still ineligible, he was part of an anti-trust suit with the NBA, eventually winning and being able to play in the league.

It was around this time that Haywood was approached by Nike, then an upstart shoe company. They had an offer for him: $100,000 or a 10% stake in the company to promote their shoes.

In an ultimate example of an agent royally screwing a player, Haywood's agent strongly urged Haywood to take the money now, rather than investing in the young company. Nike had formed as Blue Ribbon Sports back in 1964, and only became Nike in 1971, so it's understandable why Haywood took the money instead of company shares.

However, that move backfired completely. Haywood went on to have a fairly successful career, winning a title with the Los Angeles Lakers in 1980. Towards the end of his playing days, he became addicted to cocaine, and was actually dismissed from the Lakers for falling asleep during a practice because of his addiction.

Nike, meanwhile, continued to grow and thrive as a company, endorsing more players throughout the sports world, branching out into athletic apparel, and generally being very successful. Naturally, that led to an increase in their value. Today, they're worth $86.2 billion. 10 percent of that, or what would have been Haywood's share, is $8.6 billion.

It's not all bad for Haywood, though. He was inducted into the Basketball Hall of Fame this past September, and says the best decision he ever made was getting sober 29 years ago. Still, it's gotta be hard not to think of what could have been.



Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by xwolverine: 6:54pm On Feb 11, 2016
Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by nawti(m): 7:02pm On Feb 11, 2016
His village people at work.

I would have taken the 10% because its a form of diversification though, considering that the NBA contract would pay me some money too.

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Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by dnacrystal: 7:07pm On Feb 11, 2016
One shouldn't look down on little things. Every big thing had a humble beginning. He couldn't have known then sha.

I've dreamed of being a basketball player for long but never did anything about it.
Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by Khd95(m): 7:08pm On Feb 11, 2016
Nigga better ve my moneygrin
gimme d fvckn money,i will invest somwhere
Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by Abok1(m): 7:11pm On Feb 11, 2016

The man had the black-man mentality. SMH

Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by Nobody: 7:26pm On Feb 11, 2016
I bet he would be regretting his choice right now.

@Lalasticlala, this should be on the FP please.
Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by bomasek(m): 8:49pm On Feb 11, 2016
Watched a documentary on a rich dude that would have turned a billionaire in either apple or facebook,dude thought the guys were crazy about their idea. He turned down a golden investment opportunity.
Re: The man that took $100k instead of owning 10% Of Nike. What would you do? by cruzita(f): 9:25pm On Feb 11, 2016
Opportunity comes but once.May God not allow me to make silly mistakes in life IJN

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