On Monday, it was revealed that LeBron James signed a record-breaking lifetime contract with Nike. It was originally speculated in various media reports that the contract was worth $500 million, but Sam Amick of USA Today is now hearing that the deal is actually worth “significantly more” than that, and is worth more than $30 million annually.
That’s right, 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.
The four-time NBA MVP released a video on Tuesday in reaction to the contract, while standing in his gigantic shoe closet (and he might actually need a couple more of these closets soon):