According to multiple reports, Nike signed NBA star Kevin Durant to a 10-year contract potentially worth about $350 million. Durant, the NBA's reigning most valuable player, had reportedly reached a tentative deal with Under Armour on a 10-year contract but Nike topped the offer.
The 10-year deal with Nike has the potential to reach $300 million and includes a $50 million retirement package, two people familiar with the terms of the deal told USA Today Sports.
Under Armour had been reported to have offered the reigning NBA MVP as much as $285 million over 10 years but Nike had the right to match any deal to Durant as part of his previous deal. His deal with Nike was set to expire this summer and Nike was said to have initially offered Durant about $20 million a year
His initial Nike deal paid about $60 million over the first seven years of his NBA career.
Among active basketball players with a signature shoe line, Durant is second in sales only to Lebron James. Last year, retail sales of Mr. Durant's Nike KD shoes totaled $175 million, or about 4 percent of the overall basketball shoe market, compared with about $300 million for James, according to analyst Matt Powell of SportsOneSource.
Under Armour's proposed deal reportedly included 10 percent stock and a community center in Durant's mother's name. It's unclear whether ike's deal addressedthose other incentives.
Under Armour was expected to use the Durant signing as a way to jumpstart its fledgling basketball shoe business. The Oklahoma City Thunder forward grew up playing basketball in Washington and Maryland and still has family in the region. Last year, Under Armour signed Stephen Curry away from Nike and is it's biggest NBA star. Its other NBA endorsers are Brandon Jennings, Greivis Vasquez and Kemba Walker.
