Spencer Haywood Says He Lost Billions After Selling Nike Stock

NBA Hall of Famer Spencer Haywood says a fateful decision by his agent cost him a fortune in Nike stock. Speaking on the “All the Smoke” podcast, the former Seattle SuperSonics star recalled being offered equity, rather than cash, by Nike co-founder Phil Knight in exchange for wearing the fledgling brand’s sneakers on court.

Haywood accepted, but said his representative, short on money at the time, persuaded him to sell the shares back to Nike for $100,000.

Nike’s founder, Phil Knight, asked the Seattle SuperSonics star if he would wear the sneakers on the court. Haywood agreed. but Knight offered Haywood stocks instead of cash, as Nike was still a startup company.

“I was young … I’m thinking, livestock? What kind of stock?” Haywood joked, adding that early Nike basketball shoes were essentially adapted running sneakers. “Guys would come behind me and pop my shoe off … it was new.”

Focused on his career, he granted his agent power of attorney. “When I came back, he had sold that,” Haywood said. “He said, ‘Man, I got the cash right here: $100,000.’”

So I get the stock and my boy, that I let do the negotiation, he was struggling, you know have them bills taken care of,” Haywood said on the podcast. “So he was like, convincing me that the shoe is never going to work because, look at what happened. Because when I was walking, running down the floor, guys would come behind me and pop my shoe off…It was new. It was a running shoe.

“So I said, “OK, man. I’ll give you the power of attorney. Let me just go play. I got to play. I got to focus on this game now because this is my chance. When I came back, he had sold that s**t. He said, ‘Man, I got the cash right here: $100,000.’”

Co-host Matt Barnes then asked what that stake might be worth today. “It was up around $2.7 billion,” Haywood replied, underscoring how a short-term cash decision during Nike’s startup days turned into one of sports’ great what-ifs.