After losing James Harden earlier in the year to Adidas, Nike is making sure that the biggest star of their brand ambassadors is not going anywhere.
Undoubtedly, one of the best players (if not the best) the National Basketball Association (NBA) has to date, LeBron James was just given a lifetime deal by the apparel and shoe brand which will carry on beyond his playing years.
The deal was reportedly the first lifetime deal that the company has offered but with good reason. And if claims by USA Today is true, the deal is well beyond the $500 million mark which is why the deal is considered the largest single-athlete guarantee in Nike history.
James seem pretty much livid with the deal, grateful for the continued trust and belief Nike has in him.
"It's been an unbelievable time for myself and my family, and I'm just grateful that Nike and 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," says James via ESPN.
Nike first signed up James in 2003 on the eve of the NBA lottery. He was offered a $90 million deal back then, the largest for an athlete at the time.
Nike has made a lot of shoe versions for James, next to Michael Jordan, and the new deal could rack in some more.
In fact, there was even talk of possibly creating a separate brand like maybe a "Team Lebron" moniker, although plans for that are not immediate. For James, he seems to be fine with the current setup and go back to that plan at some point moving forward.
The new deal also adds to James' list of business investments. That includes an equity stake in Beats, territorial rights in Chicago and Miami to Blaze, and investments in Time Warner and Turner Sports.
