New Nike deal nets Durant $375m
NATIONAL Basketball Association (NBA) scoring champion Kevin Durant re-signed as a Nike endorser with a contract worth US$300 million (S$375 million) over 10 years after spurning an offer from Under Armour, according to a source familiar with the negotiations who requested anonymity because Nike had not yet announced the deal.
"Excited and humbled to sign back with the swoosh!" Durant, the Oklahoma City Thunder forward and reigning NBA Most Valuable Player, wrote on Twitter, referring to Nike's logo.
Nike spokesman KeJuan Wilkins did not return messages seeking comment.
Durant's previous seven-year, US$60 million contract with Nike, the world's largest sporting-goods supplier, was set to expire and Under Armour had offered between US$265 million and US$285 million over 10 years, ESPN reported. Diane Pelkey of Under Armour did not return messages seeking comment.
The new contract is a major splash for Jay Z's Roc Nation Sports, which has represented Durant, 25, since June last year. Last month, Durant became a spokesman for TalkingRain's Sparkling Ice beverage after his deal with Gatorade ended.
He has been the NBA's leading scorer in four of the last five seasons, and this past year, he beat fellow Nike endorser LeBron James for the MVP award after averaging a career-high 32 points a game, along with 7.4 rebounds and 5.5 assists.
Under Armour, which is known as a maker of compression T-shirts and other athletic apparel, has been working to broaden its appeal.
The company has grown into the second-largest American sporting-goods maker, with about 75 per cent of its revenue coming from apparel.