Nike signs lifetime endorsement deal with LeBron James

London - Sporting giant Nike has signed a lifetime endorsement deal with basketball player LeBron James.

Terms of the deal were not disclosed, but the sportswear brand said the Cleveland Cavaliers forward provides “significant value to our business, brand and shareholders”.

Nike signed James after he went pro out of high school in 2003. His first contract spanned seven years and was worth 90 million dollars, according to ESPN, with a seven-year extension in 2010. Nike has released at least 13 versions of James’s signature shoes.

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.”

His lifetime deal with Nike could eventually become something similar to that of Michael Jordan’s. Jordan is the chief executive officer of the Jordan brand, which continues to release new shoes. Sales of Air Jordan shoes topped 2.6 billion dollars last year.