Kevin Durant spurns Under Armour to sign with Nike

The NBA star could receive as much as $300 million in the 10-year deal, according to reports.

By MSN Money Partner Sep 2, 2014 3:21PM
Credit: © Sue Ograki/AP Photo
Caption: Oklahoma City Thunder forward Kevin Durant (35) shoots a technical foul shot in the second quarter of Game 4 of the Western Conference finals NBA basketball playoff series against the San Antonio Spurs in Oklahoma CityBy CNBC.com staff

Kevin Durant, the NBA's reigning MVP, announced Sunday that he would re-sign a shoe deal with Nike (NKE), rebuffing advances from Under Armour (UA). 


The 10-year deal with Nike could reach up to $300 million, with a $50 million retirement package, USA Today reported. This surpasses an Under Armour offer for the Oklahoma City Thunder superstar's endorsement estimated to be worth $250 million to $285 million.


Under Armour is looking to advance its share of the lucrative footwear sector, and it sees basketball as a valuable market, The Baltimore Sun reported. The sports apparel maker signed Golden State Warriors star Stephen Curry away from Nike in 2013.


Retail sales of Durant's Nike shoes netted $175 million in the past year, the Sun reported.


Under Armour did score a key endorsement on Tuesday, however, with ESPN reporting that model Gisele Bundchen will be part of its women's campaign.


The Baltimore-based company released a video Tuesday morning, teasing the model's involvement with the brand with the slogan "I Will What I Want," and promising to reveal more on Sept. 4.


ESPN reported that Under Armour's women's sales account for about 30 percent of its business -- at $500 million. The apparel-maker's women's campaign launched last month.


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Tags: NKEUA
1Comment
Sep 3, 2014 12:08PM
avatar
Great decision. Nike is a much better fit to KDs humble personality. Cannot stand the over-the-top-in-your-face UA brand. Totally obnoxious.
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