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Tuesday, December 8, 2015

LeBron James Talks New Deal With Nike

(The Wrap-Up Magazine) The +Cleveland Cavaliers team member +LeBron James has just sing a big +SportScheck with +Nike for a lifetime. Nike has signed Cleveland Cavaliers forward LeBron James to a lifetime deal in what one source familiar with the negotiations said is the largest single-athlete guarantee in company history.

“We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders,” Nike said in a statement. “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.”

A company spokesperson would not say how much Nike paid. It is believed to be the first lifetime deal in the shoe and apparel company’s 44-year history.

“I’m very humble, man,” James said to reporters after Monday’s practice. “It’s been an unbelievable time for myself and my family, and I’m just grateful that Nike and [Nike founder] 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.”

A source close to the deal told ESPN that it easily surpasses the 10-year, $300 million deal Oklahoma City Thunder forward Kevin Durant signed with the world’s largest shoe and apparel brand last summer.

“LeBron and I have been in love and obsessed with Nike since we were kids,” Maverick Carter, James’ business partner, said Monday. “Having built a totally innovative global business with them has truly been a dream come true. We are so excited to be taking the business to an entirely new level. For LeBron, he’s thrilled to know he’s a Nike guy for life.”

James commented on his affinity for the brand, how important his first Nike deal was and what the new agreement means to him.

“It meant a lot to me even when I signed my first deal just to be with Nike, and it means even more that they’ve given me this,” James said. “It’s like I said, very humbling and grateful, and I’m going to continue to do my job and represent the brand the best way I can, like I know how. Hopefully, people see that.”

Carter will manage the deal, which was negotiated by Main Street Advisors’ Paul Wachter, who also negotiated the deal for John Henry to buy the Red Sox in 2002 and represented Beats By Dre in its $3 billion sale to Apple last May.

Although other companies have negotiated lifetime deals — Adidas has structured them with Chicago Bulls point guard Derrick Rose and soccer great David Beckham, while Reebok has a lifetime deal with former Philadelphia 76ers point guard Allen Iverson — Nike has never announced a lifetime deal before.

@ganstamarcus