Shaquille O’Neal Honors Unfortunate Knicks Playoff Bet Involving $27 Million Private Jet

Feb 16, 2018; Los Angeles, CA, USA; Former NBA player Kevin Garnett (left) interviews former NBA player Paul Pierce during the NBA All-Star Celebrity Game at the Los Angeles Convention Center. | Credits- Kirby Lee-Imagn Images

Shaquille O’Neal is never one to back down from a challenge, even when it involves a pricey and risky bet. However, just like we saw during his NBA career, the big fella can’t always win. In the recently concluded playoffs, a bet he made on the New York Knicks cost him his $27 million private jet to rapper Peter Pankey, also known as Peter Gunz.

The Knicks and the Indiana Pacers faced off in the Eastern Conference Finals for the first time since 2000. New York triumphed back then, but this time around, the Tyrese Haliburton-led Pacers were too much to overcome, and the Knicks bowed out. With that, Shaq lost his bet.

O’Neal had staked it all on New York winning, and since they didn’t, he had to give Pankey a full week’s access to his private jet. Oh, and all expenses for whatever trips he takes would be covered by the four-time NBA champ.

Shaq stayed true to his word and followed through on the bet. He showed it to the rest of the world via an Instagram post. “Believe it or not, New York, I wanted [the] New York Knicks to win. Peter Gunz said that they were not going to win. We had a bet. He gets the jet for a week. All expenses paid, wherever he wants to go. Footage for that will come real soon,” Shaq said in the video.

Pankey even joined Shaq in the same post, stepping inside the luxurious aircraft and looking ready to take full advantage of his win. The jet in question was a Bombardier Challenger 605—a large-cabin, long-range business jet known for its top-tier luxury, spacious interiors (something Shaq truly needs), and strong in-flight performance.

Shaq reportedly purchased the jet in 2023 after years of hesitation. In the past, he had expressed concerns about owning a private jet due to the complexities of managing one. He once said, “No, I don’t think so. There’s too much maintenance. If I own something, I like to know what is going on. I don’t want to get screwed in a bad deal. I’ve seen it happen to other guys.”

But once he made the decision, he didn’t hold back. The aircraft he owns is worth around $27 million, and the cost to operate it is just as staggering. According to Liberty Jet, using it for 200 hours a year costs about $1.35 million. That includes over $500,000 in fuel, $300,000 for the flight crew, and nearly $100,000 in engine maintenance.

If annual usage jumps to 400 hours, the cost rises to over $2.1 million. Still, for a man worth over $500 million, it’s not much of a sacrifice, especially considering the luxury and comfort Shaq enjoys when flying private.