Nike will become the official uniform provider for the NBA signing on for an 8-year deal, valued at a whopping $1 B. Reports have confirmed that the deal is approximately a 245 percent annual increase from the previous deal. Unlike past deals with Reebok and Adidas, Nike's logo will now appear on NBA jerseys — a first for the league and maybe later for consumers. Back in 2012, Nike also locked in the NFL and extended those rights until 2019. If you ask us, it seems like Nike has about 60% of the sports industry on lock, domestically.NBA Commissioner Adam Silver said in a statement:
This partnership with Nike 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.For the record, this is nothing new. Nike has had a long standing relationship and been a marketing partner of the NBA since 1992 and, at retail, produced replica jerseys under the Swingman line.
Game Changer! @Nike to be Exclusive On-Court Uniform & Apparel Supplier of @NBAhttp://t.co/WpKVApyZEw#stupidDOPEpic.twitter.com/eyLYkXbXtB— stupidDOPE.com (@stupidDOPE) June 11, 2015With the announcement, Nike President and CEO, Mark Parker stated:
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.What do you think about this new partnership?