Nike has no plans of letting LeBron James out of its sights anytime soon.
In a report by ESPN, Nike has signed the Cleveland Cavaliers forward to a lifetime deal. According to the website’s source, the deal can be considered as the largest single-athlete guarantee in the history of the sportswear company.
Although Nike would not disclose the amount paid to secure the negotiation, the company’s statement reveals that the association of the basketball star’s name with the brand is a huge market attraction. ESPN quotes Nike in saying:
“We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders. 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.”
Meanwhile, Yahoo! Sports recalls that James already signed a seven-year, $90 million contract with the brand before he entered the draft back in 2003. The website also raises the possibility of James venturing into his own brand, reminiscent of what Michael Jordan did.
With regard to his business relationship with Nike, Yahoo! Sports quotes James in saying:
“We’ve done a great job of building my brand to this point. We want to just continue it. If it makes sense for us to have a ‘Team LeBron,’ or whatever the name will be, we’ll take a look at it and we’ll go from there.”
SB Nation, meanwhile, details that James has had 13 signature shoes for the Nike brand under his name, of which the latest came out last October. The website also relays that James’ line with the brand is estimated to have annual sales of $400 million.
LeBron James is currently on his 13th season and has won two NBA championships for his former team, Miami Heat.