In NBA news, Cleveland Cavaliers forward LeBron James has signed a lifetime contract with Nike, according to ESPN.
LeBron James signs lifetime contract
Things have gone pretty well between LeBron James and Nike over the past dozen years. Their business partnership has generated a good amount of revenue for both parties. Executives at the global shoe company know that they want to be in the LeBron business for as long as they can. To get that deal done, Nike offered James a lifetime deal. Full details have yet to be released but reports are saying that this is the biggest commitment that the company has ever made to a professional athlete.
Last summer, Nike signed Kevin Durant to a ten year deal that is worth $300 million. The Oklahoma City Thunder forward became the envy of many of his peers in the NBA. The lifetime deal that LeBron James just signed with Nike is said to blow that Durant deal out of the water. To give a perspective of how serious LeBron was about making this deal, the Cleveland Cavaliers star hired Paul Wachter of Main Street Advisers to negotiate the deal. He is the same person Dr. Dre hired to sell Beats By Dre to Apple for $3 billion.
Once LeBron James won his first NBA Championship as a member of the Miami Heat, more and more people started calling him the best player in the NBA, a title that once belonged to Los Angeles Lakers legend Kobe Bryant. Many felt that the Akron native would continue to sit on the throne until the day he decides to walk away from the court. Then, along came Stephen Curry. The Golden State Warriors star captured his first championship last year and is now considered by some as the best player in the NBA because he is virtually unstoppable on offense.
Consumers can be fickle at times. They like to go with what is trendy. Right now, all the hype is shifting to Stephen Curry. That is going to cause a good amount of people to lean toward his merchandise as opposed to guys like Kevin Durant and LeBron James. The 30-year-old star of the Cleveland Cavaliers found a good time to sign his lifetime deal with Nike because it was done before a potential shift in loyalty toward Curry could affect the number of shoes he sells for Nike.
Since he jumped to the NBA immediately out of high school, LeBron James never had the chance to attend college or go to business school. Fortunately for him, he has a very savvy mind. The 6-foot-8-inch, 250 pound athlete has turned out to be quite the businessman. LeBron is very well read, evident by the fact that his office is filled with self improvement and inspirational books. The 12-year NBA veteran has also found himself a great mentor in Warren Buffett, who is one of the richest men on the planet.
LeBron James has a pretty diverse business portfolio. He invested in Beats By Dre and made out with approximately $30 million when the company was sold to Apple for $3 billion. LeBron also started a company called Uninterrupted, which gives professional athletes a platform to voice their opinions. Time Warner and Turner recently invested $15.8 million in the venture. James has admitted that he idolized Chicago Bulls legend Michael Jordan, and he is now following in his footsteps on becoming the next NBA star to reach billionaire status.
Can NBA megastar LeBron James accomplish his dream of becoming a billionaire some day?
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