LeBron James and Nike: Together for a lifetime
CLEVELAND -- Basketball superstar LeBron James has signed a lifetime contract with Nike (NKE).
James has been partnered with the athletic apparel giant since he signed a $90 million contract just before he graduated high school. The National Basketball Association star's new deal will carry into his retirement once he's done playing.
Financial terms weren't disclosed. The company signed Oklahoma City's Kevin Durant to a 10-year, $300 million contract last summer.
James has a shoe and clothing line with Nike, and his new agreement will expand his brand.
On Monday, Nike confirmed the deal news, saying "We have agreed to a lifetime relationship with LeBron that provides significant value to our 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."
While still playing, James has broadened his business portfolio in recent years. In addition to a production company, he earned $30 million last year when his stakes in headphone maker Beats by Dre were purchased by Apple (AAPL).
James turns 31 on Dec. 30.