High school basketball star LeBron James signs $90 million shoe contract

Jet, June 9, 2003

Eighteen-year-old high school basketball phenom LeBron James has yet to slam his first dunk in the NBA, but he's already soaring over some of his peers.

Dubbed "King James," the 6-foot-8 St. Vincent-St. Mary star from Akron, OH, signed a multiyear endorsement deal with Nike worth more than $90 million. Nike's package includes a personal shoe and apparel line for James, who will have artistic input into his sneaker model, Aaron Goodwin, James' agent, said. Terms of the deal were not released.

Nike won a heated bidding war against sneaker rivals Reebok and Adidas, but James, who is almost guaranteed to be the No. 1 pick in the June 26 draft, said he thought long and hard on his decision.

"Nike is the right fit and has the right product for me," said James, a McDonald's High School All American (JET, May 5). "They are a great group of people who are committed to supporting me throughout my professional career, on and off the court."

James' deal outshines any of the previous initial contracts given to a young, unproven player who is skipping college and has yet to shoot his first jump shot in the NBA.

The deal is believed to be the richest ever given as an initial endorsement contract. It is also nearly on par with the five-year, $100 million deal Nike gave Tiger Woods in 2000.

When Jordan signed his first contract with Nike in 1984, it was for $2.5 million over five years. Shaquille O'Neal received $3 million from Reebok in 1992. Four years later, 17-year-old Kobe Bryant skipped college and got $5 million from Adidas.

Reebok signed Allen Iverson to a $50 million lifetime deal in 1996, and Tracy McGrady, another player who went to the NBA straight from high school, signed a six-year, $12 million contract with Adidas in 1997.