Nike signs first lifetime endorsement deal
Sales of Nike LeBron shoes and apparel reached $400 million during 2015.
Nike recently confirmed that it has made a lifetime endorsement agreement with US basketball star LeBron James, which some estimates have valued to be worth in excess of $500 million (£329.6 million). This new deal extends a relationship between the US-based company and the sportsman that started in 2003 when the then-high school senior signed a seven-year contract that was reportedly worth $90 million (£59.3 million). This is the first lifetime deal in Nike's history.
"We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders," stated a Nike spokesperson. "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."
In recent years, Nike has released 13 LeBron shoes, and 2015 sales of his footwear and other branded gear is reported to have topped $400 million (£263.7 million). The star also has his own line of apparel. Few sports stars can match Mr James’ global reach and awareness. The only current athletes that top his 48 million followers on Twitter and Facebook are football stars Cristiano Ronaldo, Lionel Messi, Neymar and Kaka.
Photograph above shows Basketball star LeBron James, the subject of Nike's million-million-dollar campaign.
This article was originally published on page 2 of the February 2016 issue of SATRA Bulletin.