LeBron James signs lifetime deal with Nike — Sports Man Deal

Apparently, James had been with Nike since high school for a $90 million contract even before graduating, STL Today said. Financial terms of the deal have not been disclosed, but it’s safe to assume that the four-time MVP is being handsomely compensated after taking a slight pay cut following the end of his first deal.

This partnership has been 12 years in the making for James.

Nike said it had agreed to a lifetime relationship with Mr James “that provides significant value to our business, brand and shareholders”.

James has a shoe and clothing line with Nike, and his new agreement will expand his brand.

Early in his career James befriended billionaire investor Warren Buffett for his investment advice and set up LRMR Marketing to handle his low-profile investments in business startups, real estate and other companies. The Cleveland Cavaliers star’s net worth is estimated at around $300 million.

Yet, according to James’ business partner Maverick Carter, this is pretty much a dream come true for the Cleveland Cavaliers superstar. In March 2010, as James was completing his final months on his first deal, Nike signed him for another nine years.

The player will reportedly earn over $30 million a year from Nike.

“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”.

Given this development, it wouldn’t be surprising to see LeBron get his own brand a la Michael Jordan at some point in the future.

While James isn’t well known for his humility, calling himself the greatest basketball player in the world, he expressed gratitude for the deal.

“If it makes sense for us to have a “Team LeBron”, or whatever the name will be, we’ll take a look at it and we’ll go from there”.