Nike signed a new sponsorship deal with Cleveland Cavaliers star LeBron
James. Terms were not disclosed. Nike’s original 7 year, $93 million dollar deal with this generations
best and most popular basketball player was set to expire in the coming
months.
“LeBron James is one of the world’s best basketball players and a global
sports icon that has transcended generations and cultures,” Nike
spokesman Kejuan Wilkins said in a statement. “Nike’s relationship with
LeBron has created innovative basketball products and captivating
campaigns. Were proud to continue our partnership with him for years to
come.”
According to SportsOneSource, the Jordan Brand is a $1 billion business for Nike and commands 75% of the market share of all basketball shoes sold in the U.S. The rest of Nike’s basketball shoes (including the Kobe Bryant and James lines) hold 20% of the market. Adidas and other non-Nike basketball shoes have a market share of only 5%.
Speaking to CNBC, James business partner Maverick Carter, CEO of LRMR,
the deal was longer than James last deal. James signed a seven-year,
$93 million contract with the company in May 2003 after reaching the
NBA.
“Our relationship with Nike is more than a shoe deal,” Carter said.
“It’s more like a joint venture – meaning we are working to build a
business. His latest shoe, the LeBron VII designed by Jason Petrie is
the best selling shoe weve ever had in LeBron’s line.”
