Nike was able to fend off Under Armour and retain the NBA’s reigning MVP.
Kevin Durant confirmed Sunday night that he inked a deal to remain with the Swoosh.
Nike will reportedly pay Durant somewhere between $265-$300 million over the next decade.
Excited and humbled to sign back with the swoosh!
— Kevin Durant (@KDTrey5) September 1, 2014
Nike, whose seven-year deal that guaranteed Durant $60 million is expiring, made an initial offer of about $20 million a year that was far from what Durant was looking for. Under Armour’s huge play for Durant had many believing that Nike would even let him go at that price.
The overall value of Durant’s deal with Nike could hit $300 million or more if his business continues to rise. That number is flexible as he will get a royalty on all sales in his line. […] On Saturday, Nike officials told Durant and his team at Jay Z’s Roc Nation Sports that it would indeed step up enough to allow the world’s largest shoe and apparel company to keep him in its robust stable of basketball endorsers that includes LeBron James and Kobe Bryant.
While the exact Nike offer for Durant isn’t known, sources said that Durant should make more — in base and royalties — than the Thunder will pay him over the next two seasons ($41.2 million). That’s why fans in Oklahoma City were nervous about a possible move to Under Armour, which could have steered him more to returning to his local roots to play for the Washington Wizards when he becomes a free agent after the 2015-16 season.