LeBron swooshes to deal of a lifetime

LeBron James has a contract with Nike that will last long after he hangs up his sneakers.

The NBA megastar has signed a lifetime endorsement deal with the athletic apparel giant, an agreement that extends the partnership James began with Nike before he even graduated from high school.

"I'm very humble, man," James said after practice with the Cleveland Cavaliers on Monday.

"It's been an unbelievable time for myself and my family, and I'm just grateful that Nike and Phil Knight, and everyone over there just believed in a skinny 18-year-old kid from Akron, Ohio, and I'm happy to be a part of such a great company."

Financial terms of James' deal were not disclosed. He signed a seven-year, $90 million contract with Nike shortly before he entered the draft in 2003, skipping college to turn pro.

James has had his own line of Nike shoes for years, and his new agreement could expand into his own brand.

Nike confirmed the agreement-believed to be the first lifetime deal in the company's 44-year history - in a brief statement.

"We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders," Nike said in an e-mailed 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."

No figures for the deal were available but a source familiar with the terms told ESPN it easily eclipsed the $300 million, 10-year deal Nike signed with Oklahoma City Thunder forward Kevin Durant.

Nike has a longstanding partnership with Michael Jordan but has never announced a lifetime deal before.

Sales of Nike's Air Jordan brand have exceeded $2.2 billion in sales since 1985.

Nike has manufactured 13 versions of LeBron's signature shoe, with annual sales expected to pass $400 million for 2015.

According to Forbes.com, James is the sixth highest earning athlete in the world, raking in annual earnings of $64.8 million according to a list issued in June. His net worth is estimated at about $300 million.

James turns 31 on Dec 30, but the four-time league MVP shows little signs of slowing down and could play well into his 30s.

As for his business association with Nike once he is done playing, James said he has had "a conversation" about branching off into his own brand - like Jordan - under the company's umbrella.

"We'll see when we get to that point," said James. "If it makes sense for both parties, then we'll do it. If not, then we won't. We've done a great job of building my brand to this point.

"We want to just continue it. 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. 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."

James was asked why he would sign with Nike now, years ahead of even talk of retirement.

"Because I don't want to go nowhere else," he said. "I'm Nike and swoosh for the rest of my life."

(China Daily 12/09/2015 page23)