01-04-2010

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It’s Official! LeBron James Signs New Deal With Nike Inc. »

Cleveland Cavaliers star LeBron James has signed a new shoe and apparel deal with Nike, the company acknowledged on Wednesday. “LeBron James is one of the world’s best basketball players and a global sports icon that has transcended generations and cultures,” Nike spokesman Kejuan Wilkins said. “Nike’s relationship with LeBron has created innovative basketball products and captivating campaigns. We’re proud to continue our partnership with him for years to come.” Terms were not disclosed, James’ business partner Maverick Carter, CEO of LRMR, told CNBC the deal was for a longer period of time that James’ last deal. LeBron signed a seven-year, $93 million contract with the company in May 2003. “Our relationship with Nike is more than a shoe deal,” Carter said. “It’s more like a joint venture ? meaning we are working to build a business. His latest shoe, the LeBron VII designed by Jason Petrie is the best selling shoe we’ve ever had in LeBron’s line.” It is not known how much money Nike is paying James, but insiders say that it’s not likely that the guarantee is more, on an annual basis, than his past deal. While there might have been interest from other players, sources say Nike was the only one who was negotiating numbers with Carter. Carter says that’s because the relationship was just too good. Click here for the full article.