Cavaliers F LeBron James "has signed a guaranteed, lifetime endorsement deal with Nike" that is worth at least $60M per year, and "maybe much more," according to Joe Vardon of the Cleveland PLAIN DEALER. A source said that it was the "largest financial arrangement between an athlete and Nike in the company's 44-year history." The deal Thunder F Kevin Durant signed with Nike last year was "believed to be worth" up to $30M per year for 10 years. A source said James' deal is "multiple times" higher than that. This is James' "third contract or agreement with Nike to endorse its products" since he first signed with the company prior to his rookie season in '03. James yesterday said there has been a "conversation" with Nike about starting his own brand under the Nike umbrella. James: "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." He added, "It's a partnership between us. It's not an endorsement deal. It's a partnership where we always come together and figure out the best way possible for both brands to be successful" (Cleveland PLAIN DEALER, 12/8). ESPN.com's Darren Rovell noted James' agent, Maverick Carter, "will manage the deal, which was negotiated" by Main Street Advisors Chair & CEO Paul Wachter. Although other companies "have negotiated lifetime deals" -- adidas has structured them with Bulls G Derrick Rose and soccer player David Beckham, while Reebok has a lifetime deal with former NBAer Allen Iverson -- Nike has "never announced a lifetime deal." It is "assumed that Michael Jordan has at least a de facto agreement for life" (ESPN.com, 12/7). CNBC’s Carolin Roth said James’ signature shoes “have been a best-seller for Nike” despite being “clunky.” They also “cost a lot, which is hardly affordable for many out there.” Roth: "Despite all that, they’ve been a best-seller.” CNBC's Susan Li: "Nike is saying, ‘Well, if LeBron is going to be another Jordan, let’s get in now’” ("Worldwide Exchange," CNBC, 12/8).
TRANSCENDING THE GAME: FS1's George Wrighster said in order to be the "most marketable person in sports ... you have to be a superhero." He said, "LeBron is a superhero. He can dunk over people, he is big, he’s strong, he’s fast and he’s all these things.” Wrighster: “Michael Jordan is the only athlete in the history of sports to transcend a brand. You have Jordan Brand and you have Nike. People don't look at them as one brand, they look at them like allies. LeBron James, the question is can he transcend the game like Michael Jordan did and be able to sell shoes, sell retro shoes, 20 years after he’s done playing?" ("Fox Sports Live: Countdown,” FS1, 12/8).
