Jay z gives Nike $300 million deadline in KD deal
According to reports, Nike has a few days to determine if it’ll meet a deal worth nearly $300 million for the NBA superstar.
An interesting two-on-one is shaping up in the basketball sneaker game: Jay-Z and Kevin Durant vs. Nike (NKE). Durant, who is represented by Mr. Z’s Roc Nation, has given Nike until Wednesday to match a 10-year sponsorship offer from Under Armour (UA), according to ESPN. The deal is worth between $265 million and $285 million. (Business Week)
Buzz about KD possibly landing a deal for ten years worth up to $285 million surfaced this week.
The deal includes Under Armour stock and other incentives, such a community center built in his mother’s name, whose exact worth will not be known for some time. Nike, which saw its signature business related to the Oklahoma City Thunder forward grow to roughly $175 million at retail last season, will have the right to match, which is a condition of Durant’s current contract with the brand. Durant can still choose Nike if it doesn’t match but can’t legally choose Under Armour if Nike does. (ESPN)
Young Hov was reportedly concerned with looking out for his Roc Nation client’s interest and suggested he bail out on Team USA.
Team USA is only the latest entity to be left with a sour taste after dealing with Durant and his latest agent. The folks at Nike aren’t exactly happy. The folks at Gatorade already were unhappy. “It’s like Jay-Z is determined to do a scorched earth negotiation with everyone Kevin Durant is currently aligned with, and they aren’t doing him any favors,” one source close to Durant told SheridanHoops on Friday as Team USA prepared for its first exhibition game in preparation for the 2014 World Cup. (Sheridan Hoops)