National Basketball Association scoring champion Kevin Durant re-signed as a Nike Inc. (NKE) endorser with a contract worth $300 million over 10 years after spurning an offer from Under Armour Inc., according to a person 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 didn’t return messages seeking comment.
Durant’s previous seven-year, $60 million contract with Nike, the world’s largest sporting goods supplier, was set to expire and Under Armour (UA) had offered between $265 million and $285 million over 10 years, ESPN reported. Diane Pelkey of Under Armour didn’t 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 2013. Last month, Durant became a spokesman 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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