NBA star LeBron James has signed a lifetime endorsement deal with Nike, which has endorsed the Cleveland Cavaliers forward since 2003, when he signed a $90 million contract. Now, according to BBC, his lifetime deal is the first lifetime contract from Nike, and USA Today speculated that the deal may be worth more than $500 million.
Nike told BBC that the lifetime deal provides value to the business, brand and shareholders.
"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 told BBC.
This deal comes after a series of other long-term endorsement deals involving NBA players. Damian Lillard of the Portland Trail Blazers signed an eight-year deal with Adidas, Oklahoma City Thunder star Kevin Durant signed a 10-year deal with Nike, the Houston Rockets' James Harden signed a 13-year deal with Adidas and Golden State Warriors phenom Stephan Curry extended his deal with Under Armour to 2024.