The following statement was released by Reebok mid-day Thursday after high school basketball phenom LeBron James signed an endorsement deal with Nike with Nike late Wednesday night:
While we believe LeBron James would have been a tremendous asset to Reebok, the costs associated with securing a long-term partnership with him was far beyond what we are willing to invest. Reebok’s largest competitor simply put more money on the table and in the final hour — after carefully considering what is in the best interest of our business and our shareholders – Reebok elected to not match this offer.Reebok’s emergence as a strong contender in the LeBron negotiations is a reflection of the excitement our brand has been creating in the marketplace. Our long-term and unprecedented partnerships with the NBA, the NFL and Liverpool Football Club, our strong roster of talented and proven basketball players, such as Allen Iverson, Kenyon Martin, Baron Davis and Steve Francis, along with entertainment partnerships with Jay-Z and Shakira, are helping Reebok grow sales and quality market share and generate significant heat and buzz among our retailers and consumers around the world. Reebok will continue to develop compelling product and marketing programs that involve these and other key assets.
Although we are disappointed with the final outcome regarding LeBron, we feel great with what Reebok has achieved and that our recent string of unparalleled successes pressured our largest competitor into taking on this enormous cost.
