LeBron James' lifetime deal with Nike will not only keep the Cleveland Cavaliers forward in the company's clothes and sneakers for the rest of his life, it will also make him an even richer man.
According to USA Today's Sam Amick, Nike's lifetime deal with James will pay him "significantly more than" $500 million.
According to a person with knowledge of the situation, James' lifetime shoe deal that was revealed on Monday is worth significantly more than the $500 million that has been speculated in some media reports and — at the current rate of sales — is also worth more than $30 million on an annual basis. The person spoke to USA TODAY Sports on the condition of anonymity because of the private nature of the financial terms.
While an exact figure hasn't been disclosed, it's quite clear that King James — who at 30 years of age became Nike's first lifetime client in the company's 44-year history — is the sneaker king of the NBA.
$500 million is a lot more than James Harden's recent $200 million deal with Adidas and Kevin Durant's $300 million deal with Nike. James' popularity has made Nike extremely profitable so although $500 million sounds like a lot (it is), it makes financial sense for the sneaker company to lock the Cavs forward up for as long as they could.
James is very focused on building his brand and has begun to amass a little empire which extends past sports. Now with this Nike deal, it is quite clear that his brand will not only be financially viable for a long time but that it will also keep growing.
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