LeBron James Signs Lifetime Nike Deal

Ray P

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BREAKING - LeBron James Signs Lifetime Nike Deal.

Nike just gave LeBron James the brand's first ever lifetime contract. Sources report the deal blows Kevin Durant's $300 Million deal out the water. Needless to say, LeBron James will be synonymous to Nike as is Michael Jordan.

Here's the word from ESPN:

"We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders," Nike said in a statement.

"We have already built a strong LeBron business over the past 12 years, and we see the potential for this to continue to grow throughout his playing career and beyond."

A company spokesperson would not say how much Nike paid. It is believed to be the first lifetime deal in the shoe and apparel company's 44-year history.

LeBron James Signs Lifetime Nike Deal

"LeBron and I have been in love and obsessed with Nike since we were kids," Maverick Carter, James' business partner, said Monday.

"Having built a totally innovative global business with them has truly been a dream come true. We are so excited to be taking the business to an entirely new level. For LeBron, he's thrilled to know he's a Nike guy for life."

Carter will manage the deal, which was negotiated by Paul Wachter of Main Street Advisers, who also negotiated the deal for John Henry to buy the Red Sox in 2002 and represented Beats By Dre in its $3 billion sale to Apple last May.