James, a hip-hop junkie, was interested in working with the brand, according to Windhorst. But instead of just securing a typical sponsorship deal with Beats where he could be seen wearing the headphones in public, James and his team went another route.
James and his business manager Maverick Carter secured a partnership that included elements of a traditional deal commercials, etc , but also included an ownership stake in the company. A, They wanted to be partners — and they wanted ownership. James knew his brand was so strong that leveraging his influence for an ownership stake would see the most returns. James eventually agreed to a deal where he would promote Beats in exchange for a small piece of ownership.
One major factor in the ascension of Beats was the Beijing Olympics. While Beats was not an official sponsor of the Olympics, Carter and James deployed a one-of-a-kind marketing campaign in China. Windhorst writes that Carter was acutely aware that athletes, especially basketball players, had a virtual fashion runway when they moved in and out of venues, not unlike Hollywood celebrities.
Knowing the Team USA basketball team were the biggest celebrities in Bejing, Windhorst claims it was Carter who told James to gift each of his teammates a pair of Beats headphones. For the entirety of the Olympic games, these fifteen extremely tall and famous men strolled around Olympic village and parts of China with the headphones around their neck. Fast food brands have been endorsing athletes for decades. Similar to his agreement with Beats, James was interested in an ownership stake. James was able to buy into the company at a heavily discounted rate in exchange for his influence, per Windhorst.
According to Forbes, he now owns 21 franchises. And he's made some smart business decisions and a lot of money. He holds player options that could make him a free agent before the end of the season. May 22nd is a record-setting day — when KingJames signed the richest rookie shoe deal in league history in , before he ever played in a NBA game.
The Fenway Sports Group is the majority owner of Liverpool. Now, the swoosh does not want to even come close to losing him. That is why a "lifetime deal," in whichever way it is crafted, is worth it to the Nike brand; adidas had a shot at James once and Nike will not let the idea of a change to even come close to crossing his mind.
At least at the moment, it is impossible to tell what lies within the document that is being described as a "lifetime deal. Most likely, the compensation section of the agreement includes a payment schedule that explains the amount of money James is set to receive on a yearly basis, with static or slightly changing payments to be made well into James' retirement. Similarly, James' obligations to be an ambassador of the brand should stretch into the later years of his life.
Expect to be buying James' basketball sneakers the same way you purchase Michael Jordan's shoes, even though he has gone from basketball player to team executive. It is likely that James will receive royalties based on sales of his sneakers in addition to the base compensation that reportedly blows Durant's deal out of the water. Basically, what Nike does will reflect either positively or negatively on LeBron's brand and vice versa, with James' on and off court acts being more likely to influence the perception of the swoosh.
The two brands are so intertwined as is, that the "lifetime deal" only further establishes the marriage.
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