Nike Signs 8-Year Deal With NBA
The NBA announced Wednesday (June 10) that it has signed a deal with Nike, who will become the official apparel supplier for the league, beginning with the 2017-18 season.
Both sides agreed on an eight-year partnership, though financial terms were not immediately disclosed. Reports say the deal is worth around $1 billion.
"This partnership with Nike represents a new paradigm in the structure of our global merchandising business," NBA commissioner Adam Silver said in a statement. "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."
Adidas had been the official apparel brand for the NBA since 2006, after taking over for Reebok before them. However, in March, the brand announced that it would not renew its deal with the NBA, as they plan to shift focus to invest more heavily in signing players.
Unlike previous deals, Nike's logo will appear on NBA game jerseys -- a first for the league.
Nike signed an official uniform deal with the NFL in 2012, and has extended those rights until the end of the 2019 season.