Shaquille O'Neal turned down opportunity earn millions with Starbucks

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Shaq was asked to bring Starbucks to African-American communities but he turned down the offer
He stunned CEO Howard Schultz by telling him 'black people don't drink coffee'
Basketball legend lived to regret it as Starbucks spread to 'every corner in every city'
He had to watch Magic Johnson take the deal and make $27million

By Kiri Blakeley For Dailymail.com

Published: 16:29 EST, 14 September 2015 | Updated: 17:59 EST, 14 September 2015

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Basketball legend Shaquille O'Neal has a Venti cup of steamed regret with a drizzle of humble pie.

O'Neal revealed in an interview with sports reporter Graham Bensinger that his biggest business flub was turning down a deal to work with Starbucks - one that could have made him millions - because his family didn't drink coffee when he was growing up.

'So my agent called me up and he says ‘[Starbucks CEO] Howard Schultz wants to do business with you. 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,' he said.

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Basketball great Shaquille O'Neal has made some amazing decisions, but turning down Starbucks wasn't one of them

O'Neal may have been an unstoppable force on the field, but his assertion that 'black people don't drink coffee' stopped CEO Howard Schultz in his tracks

O'Neal revealed that the lack of coffee in his household growing up led him to erroneously conclusion that all African-Americans were coffee shy.

'We'd see the commercials, 'Fill it to the rim with brim,' but in my house, it was always sweet tea and hot chocolate,' he wryly admitted.

However, Schultz still offered him the opportunity to open Starbucks franchises in predominantly African-American neighborhoods, but since O'Neal only invests in things he believes in, he turned down the once-in-a-lifetime offer.

'I looked at the great Howard Schultz’s face and said 'Black people don’t drink coffee, sir, I don’t think it's gonna work.' And you should have seen the look on his face,' said the chagrined retired athlete.

Starbucks CEO Howard Schultz wanted to work with Shaq, but the basketball great thought 'black people didn't drink coffee'

'Now, every time, on every corner in every city, every country, you see a Starbucks …I’m like ‘aw,' said Shaq, hanging his head

O'Neal calls the rejection of Starbucks one of his most forehead slapping moments.

'Now we’re still good friends today but that was one of my worst business decisions because now, every time, on every corner in every city, every country, you see a Starbucks …I’m like ‘aw,' he said, putting his head in his hands.

'And then Magic came and did the deal after me.'

O'Neal was served a double shot of humility when Earvin 'Magic' Johnson bought stakes in 105 Starbucks franchises and ended up selling them back to the company in 2010 for an estimated $27million.

'That was one of my worst business decisions,' he sighed.

Shaq is still doing all right for himself though - he is worth $350million, according to Forbes, owns stakes in several companies, and has an MBA from the University of Phoenix.

He owns 10 percent of the Five Guys burger restaurants, according to Forbes.