"Growing up, in my household, I'd never seen a black person drink coffee," O'Neal said
This week, Shaquille O'Neal revealed the worst business decision he ever made: Turning down an offer to team up with Starbucks.
"My agent called me up and he says, 'Howard Schultz wants to do business with you,' " O'Neal told Yahoo's Graham Bensinger. "And I'm like, 'Coffee, eh.' Because growing up, in my household, I'd never seen a black person drink coffee. So it was my thought process that black people didn't drink coffee."
Schultz, Starbucks' CEO, suggested opening franchises in predominantly African-American communities with the basketball legend's help.
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O'Neal, a Newark native, said that he grew up drinking sweet tea and hot chocolate. In the 1990s, at the time of the proposed business venture, O'Neal said as a principle, he only invested in things he believed in.
"No amount of money can make me endorse something I'm not 100-percent behind," O'Neal said. "So I looked the great Howard Schultz in the face, and, I said, 'Black people don't drink coffee, sir. I don't think it's gonna work.' "
O'Neal said Schultz was shocked by his response.
"You should've seen his face," the retired NBA star said.
O'Neal also said he regrets the decision as it likely cost him millions.
"That was one of my worst business decisions," he said through laughs. "Now, every time, on every corner in every city, every country, you see a Starbucks, I'm like, 'Awww.' "
He and Schultz are "still good friends today," however.
Basketball legend Magic Johnson bought several Starbucks franchises in the mid-1990s, eventually selling 105 locations back to the company in 2010.
Janelle Griffith may be reached at jgriffith@njadvancemedia.com. Follow her on Twitter @janellefiona. Find NJ.com/Entertainment on Facebook.