In what has been described as the largest single athlete guarantee in company history, Nike has signed Cleveland Cavaliers player LeBron James to a lifetime deal.
“We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders,” Nike said in their statement. “We have already built a strong LeBron business over the past 12 years, and we see the potential for this to continue to grow throughout his playing career and beyond.”
Though the company has refused to release details of how much they paid the star, ESPN believes that since the contract is more than 10 years, it is higher than the $300,000 deal Kevin Durant of Oklahoma City Thunder signed with the shoe and apparel company last year.
Excited by the news, LeBron James’ business partner Maverick Carter, who will manage the business, said, “LeBron and I have been in love and obsessed with Nike since we were kids.”
“Having built a totally innovative global business with them has truly been a dream come true. We are so excited to be taking the business to an entirely new level. For LeBron, he’s thrilled to know he’s a Nike guy for life,” Carter added.
Nike has never announced a lifetime deal before and has made more versions of LeBron’s shoe than any other athlete they’ve signed, except Michael Jordan who they signed in the 80s. ESPN also confirms that the company’s business has grown exponentially ever since it signed James to a 7-year $90million deal in 2003. The company has made 13 versions of his shoes.
Source: ESPN
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