LeBron James Signs Lifetime Contract With Nike

Nike announced early this week that it has signed Cleveland Cavaliers forward LeBron James to a lifetime deal that is believed, according to some sources, to be the largest single-athlete guarantee in the company’s 44-year 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 explained 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.”

Nike has not released the amount it paid. James himself stated, “I’m very humble, man. 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, 18-year-old kid from Akron, Ohio, and I’m happy to be a part of such a great company.”

One source claims that the negotiations exceed the 10-year, $300-million deal Oklahoma City Thunder forward Kevin Durant signed with the same company last summer. Nike had never announced a lifetime deal until now. Nike had previously signed James back in 2003 to a seven-year, $90-million deal, which was the biggest athlete deal ever at the time.

James has also turned into a businessman in recent years. He has a $30-million equity stake in Beats, which he earned after selling the company to Apple, and he also has territorial rights in Chicago and Miami to Blaze, a customizable pizza chain. James also announced a $15.8-million investment from Time Warner and Turner in his multimedia athlete content platform called Uninterrupted.