Poor Geoff Petrie... Literally

by Tom Ziller on Jul 10, 2007 7:51 AM PDT in Links

Brian Berger of Sports Business Radio spoke at length with Geoff Petrie in Vegas over the weekend, and gets an incredible story out of him.

He told us the story of how in the early days of Nike, before they were the multi-billion dollar company they are today, the company was sometimes late with his endorsement payment. After Nike fell several months behind and owed Petrie about $40,000, they offered him stock in the company in lieu of the money they owed him. Petrie and his agent decided they wanted the money instead of the stock options, which at the time weren't worth much at all. Ouch. There's no telling how much that $40,000 worth of Nike stock would be worth today, some 36 years later, but we had a chuckle and decided it would be a considerable amount of money.

Petrie might own the Kings if he'd taken the stock.

Read Brian's full entry -- lots more insight on how Kings staff are treated at The Palms. (Short version: Like royalty.)

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Re: Poor Geoff Petrie... Literally

i do not feel one ounce of sympathy for mr. petrie, he has literally the best job in the world (as far as i am concerned) and i'm pretty sure he makes a decent amount of cheese

Whether your dominating the playground, the last one to leave the gym, or your big time like Mike Bibby...

by CrownUs93 on Jul 10, 2007 9:29 AM PDT reply actions

Re: Poor Geoff Petrie... Literally

LOL @ this entire entry

Kevin Durant's shoe saga doesn't interest me. But it wouldn't be shocking to see him drop Aaron Goodwin in a couple of year's.

Geoff Petrie has recovered from that financial boondoggle of not taking Nike stock.

Greg Oden is popular. Why wouldn't people in Blazers jersey's not want to see him?

And of course LOL @ the craps story. What a dork.

I am the stone that the builder refused I am the visual, the inspiration That made Lady Sing the Blues..I'm the spark that makes your idea bright...

by pookeyguru on Jul 10, 2007 9:42 AM PDT reply actions

Re: Poor Geoff Petrie... Literally

Great deal that Durant has worked out. He gets Goodwin to do all the legwork, picks Nike for $30 mil (not chump change) and then pays no commission.

Very smart.

by misterbrister on Jul 10, 2007 10:02 AM PDT reply actions

Re: Poor Geoff Petrie... Literally

I did the math. Let's say the stock was at $1.00 36 years ago (it was at $1.25 20 years ago, so it was actually probably lower obviously 36 years ago). That means, that through splits and dividends, he would have over 640,000 shares now, and at about $59 apiece, thats $37,760,000. Wow. Thats too bad.

by Original Ballboy on Jul 10, 2007 1:13 PM PDT reply actions