Ex-NBA star couldn't join LeBron James and Michael Jordan due to 'greedy' agent
Spencer Haywood, a former four-time NBA All-Star, could have been basketball's first billionaire if not for a "greedy" agent.
Despite his success on the court and his place in the Basketball Hall of Fame, Haywood claims to have "lost about £2.2billion ($2.8bn)" due to his agent's actions.
During the early 1970s, Haywood played for the Seattle Supersonics and stood out as a superstar. However, unlike his contemporaries, such as Jerry West, Oscar Robertson, and Wilt Chamberlain, Haywood did not endorse Adidas or Converse sneakers.
Instead, he chose to sign with Nike, a relatively new company founded by Phil Knight and Bill Bowerman less than a decade prior. At the time, Michael Jordan was still a young student.
Haywood's decision to align himself with Nike was a strategic one. In exchange for his commitment to the newly rebranded company (previously known as Blue Ribbon Sports), he sought equity in the sportswear firm, reports the Express US.
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This move was advised by his agent, who emphasised the long-term financial benefits over an immediate payday. Knight agreed to give up an undisclosed amount of equity to Haywood.
However, Haywood's agent's greed would prove to be detrimental. While Haywood was on the road, his agent, who held the power of attorney, sold his Nike stock for cash instead of securing the promised percentage. As a result, Haywood lost out on a potential fortune of approximately £2.2bn ($2.8bn). Today, Nike is a multi-billion dollar corporation, with a stock price of £84.70 ($109) and a total value of £129.7bn ($167bn).
Haywood said: "He couldn’t figure out how to get his 10 percent. ... He couldn’t figure out how to get that percentage instead of asking me for $10,000 out of $100,000 and moving on. So he sold my stock for the cash. I lost about $2.8 billion."
Michael Jordan's off-court brilliance has seen him soar past the billion-dollar mark (Getty Images)If Haywood had held onto his Nike stock and sold it at the right time, he would have become basketball's first billionaire. As things stand, only LeBron James and Michael Jordan can claim membership in this exclusive club.
Despite the financial setback, Haywood remains positive and harbors no bitterness. He stayed loyal to Nike throughout his career and maintains a close relationship with Knight, the company's founder.
“That’s my guy,” Haywood said. “I’m so proud of what he has done with Nike because I knew it when it was just one shoe.
“I wear some LeBrons, but most of my shoes are KDs (Kevin Durant). You always try to get equity, but Nike is my brand and it is who I am. All of my favorite guys wear Nike, and I’m still a Nike guy.”
This article was crafted with the help of AI tools, which speed up Mirror.co.uk ’s editorial research. A content editor reviewed this content before it was published. You can report any errors to [email protected] .
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