National Basketball Association scoring champion Kevin Durant signed a new endorsement deal with Nike Inc. reported to be worth $300 million over 10 years after spurning an offer from Under Armour Inc.
“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.
Durant previously had a seven-year, $60 million contract with Nike and was set to expire this year. Sporting company Under Armour offered a fee within the region of $270 million over 10 years, ESPN reported.
The new contract is a major win for Jay Z’s Roc Nation Sports who have been representing Durant since June 2013. The star recently became a spokesperson for TalkingRain’s Sparkling Ice beverage after his previous deal with Gatorade ended.
Durant has been the NBA’s leading scorer in four of the last five seasons, and this past year beat out 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 U.S. sporting-goods maker, with about 75 percent of its revenue coming from apparel.
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