Nike signs LeBron James to lifetime deal

The athletic apparel giant has inked a lifetime endorsement deal with the four-time NBA MVP superstar.

The “lifetime relationship” will deliver “significant value to our business, brand and shareholders”, Nike said in a statement. He could play for free for the rest of his career and still be one of the richest athletes in sports – considering that Nike is far from his only endorsement employer. Last year, the company’s LeBron James brand generated around $340 million, nearly double what Kevin Durant raked in for Nike.

James has a shoe and clothing line with Nike, and his new agreement will expand his brand. The star signed a $90 million, seven-year contract with the company in 2003 before entering the National Basketball Association draft out of high school.

James, who goes by the name King James on Instagram where he has 16 million followers, has won legions of fans since starting his career with the Cavaliers as an 18-year-old. Soccer player David Beckham and Chicago Bulls point guard Derrick Rose are lifetime endorsers of Adidas, while it is ex-Philadelphia 76ers point guard Allen Iverson for Reebok. “We’ll see when we get to that point”, James said as quoted by the publication. “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”. Nike announced in October that Jordan’s footwear range had surpassed US$2.2 billion in annual sales in the previous financial year.

Nike, of course, has had a strong business relationship with Michael Jordan since it signed him in 1984, and that partnership seems extremely unlikely to end anytime soon.

The 13th edition of James’ signature shoe came out in October.

Without details, the idea here would seem to be that James will become a figure similar to Jordan, whose Air Jordans continue to be the most popular and talked-about shoes offered by Nike well into his retirement. Last week James’s multimedia venture, called Uninterrupted, secured a $15.8 million investment from Warner Bros Entertainment and Turner Sports.