Nike makes history by signing 'lifetime' sponsorship deal with LeBron James
Nike has signed a “lifetime” deal with basketball star LeBron James in what is being described as the largest single-athlete guarantee in the brand’s history.
The deal with the 30 year-old Cleveland Cavaliers forward marks the first time that the sports company has ever confirmed a “lifetime” deal with an athlete.
It illustrates Nike’s desire to have James as a brand ambassador well beyond his playing days and suggests that the Baltimore-based company has a long-term strategy to sell footwear and other branded merchandise using his name, similar to its highly lucrative $2.2bn Michael Jordan line.
A statement released by Nike said: “We can confirm that we have agreed to a lifetime relationship with LeBrone that provides significant value to our business, brand and shareholders,"
It continued: "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."
Discussing the deal James described himself as a “very humble man” and said it had been an “unbelievable time for myself and my family”.
He added that he was “grateful that Nike and Phil Knight and everyone over there just believed in a skinny-old, skinny 18-year-old kid from Akron, Ohio, and I'm happy to be a part of such a great company".
Nike’s commitment to make its James brand as successful as the Jordan line is evident in the 13 versions of James' signature shoe it has released; more than any other athlete outside Jordan.
The relationship between the four-time MVP forward and Nike began in 2003 when Nike lured the Ohio high school star away from Adidas with a $90m sponsorship deal. Since then James has gone on to generate huge worth for Nike with annual sales for his line estimated to have surpassed $400m this year.