Though the financial terms of the contract are not yet disclosed, it was said that NBA has already signed a $1 billion contract with Nike.
According to an ESPN report, NBA commissioner Adam Silver said that the partnership “represents a new paradigm in the structure of our global merchandising business. As our exclusive oncourt apparel provider, Nike will be instrumental in our collective efforts to grow the game globally while applying the latest in technology to the design of our uniforms and oncourt products.”
It can be recalled the Adidas has not renewed its 11-year contract with NBA last March.
But unlike the old contracts with Reebok, which ended in 2006, and Adidas, the NBA merchandise will brandish Nike’s logo, the world-renowned “Swoosh.”
In the same article, Nike president and CEO, Mark Parker said, “We’re excited to bring the full power of our global reach, innovation and creativity to partner with the NBA and grow the game in a way only Nike can. In Nike, Jordan and Converse, we have three of the most connected brands in the world, and look forward to making the global growth of the game a successful strategy for both the NBA and Nike.”
The contract will be effective for NBA, WNBA and NBA Development League for the 2017-18 season, according to Forbes.