The NBA announced on Wednesday that they have signed an apparel deal with Nike, replacing Adidas, which is understood to be worth around $1 billion.
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It is an eight-year deal which begins with the 2017-18 season, and although financial details of the agreement were not released, ESPN have quoted the $1 billion figure which is a 245 percent annual increase from the previous deal.
“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 reported by NBA.com.
“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 unsurprisingly ended their association with the league after revealing that they wouldn’t be looking to extend the current deal, which they signed back in 2006 to replace Reebok.
However, their decision not to extend has now left Nike as the official uniform providers for both the NBA and NFL, and the manufacturer plan on adding their logo to NBA game jerseys, a first for the league.
Nike will now be under pressure to create and produce new innovative looks for the respective teams, with Adidas receiving significant criticism for their efforts to bring in sleeved jersey in recent years.
While they already have deals with some of the biggest names in the league, this will be a completely different task for them as they now look to cater for the entire league’s uniforms.
Nevertheless, it is another huge coup for Silver and the league as they look ahead to the new TV deal which comes into force next year that will also bring significant money into the NBA.