Nike has hit the jackpot with an out of this world deal. The world’s largest sporting goods company signed two-time NBA Champion LeBron James to its first ever lifetime contract on Monday.
Terms of the deal weren’t released, however, according to Eben Novy-Williams of Bloomberg Business sports agent David Falk, who represented Michael Jordan most of his playing career, estimated the value at $400 million to $500 million.GOALS!
This isn’t the first time the four-time league MVP has collaborated with Nike. Going pro straight out of high school, the 18 year-old rookie signed his first contract with the brand in 2003. The contract was worth $90 million over the span of seven years, with a 10-year expansion in 2010.
Joe Vardon of Cleveland.com reported the following statement from Nike, “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.”
Both James and Nike are thrilled about the partnership and developing the best ways for both entities to successful. Vardon also mentioned that James could make more per year from his new Nike arrangement than he does from his basketball income and the rest of his annual endorsement income, combined.
Congratulations to Nike and LeBron from landing a sweet deal. King James is definitely about handling his business on and off the court.
via Bleacher Report