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FILA SCORES WITH SEVEN-YEAR, $80M CONTRACT DEAL FOR HILL
Published September 23, 1997
Fila Holding signed Grant Hill to "one of the richest sports endorsement contracts ever" with a pact for "at least" $80M over seven years, according to Stefan Fatsis of the WALL STREET JOURNAL. The deal, expected to be announced today, "catapults" Hill into "the sneaker-riches realm" of Nike's Michael Jordan, and gives him "a sweeping role in the company's operations." While Fila's stock "has plummeted to around $28 a share ... from $105 a share a year ago," Fatsis reports that the company "is counting on" Hill to "revive a brand he helped create" (WALL STREET JOURNAL, 9/23). GRANT'S SHOW: Hill will receive "a base salary and minimum royalty guarantees on his signature products, plus royalties on sales of other Fila products, performance bonuses and stock options," and will "head a committee to advise Fila about marketing initiatives and other athletes the company should enlist." The company "renegotiated the last two years" of Hill's existing Fila deal which paid him "around" $6M a year. Under the new deal, Hill will be "asked to boost the company's profile outside the U.S." Fila Senior VP/Sports Marketing Howe Burch: "We think Grant is more than a guy who just sells shoes. We think he is a brand influencer, not just here but around the world." Hill, on his new advisory role with the company: "It makes me feel vested in all the decisions I make." Asked what he would tell NBA players who tried to use an on-court relationship to ink a Fila deal: "Give me 10 good reasons why we should take you on" (WALL STREET JOURNAL, 9/23).