LeBron James signs unprecedented lifetime Nike deal

NOT even Michael Jordan got a contract like this from the sporting apparel giant. LeBron James’ new Nike deal is off the hook.

FILE - DECEMBER 7, 2015: It was reported that Nike has signed LeBron James to a lifetime deal making it the largest single athlete guarantee in company's 44-year history December 7, 2015. CHARLOTTE, NC - NOVEMBER 27: LeBron James #23 of the Cleveland Cavaliers reacts during their game against the Charlotte Hornets at Time Warner Cable Arena on November 27, 2015 in Charlotte, North Carolina. NBA - NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Streeter Lecka/Getty Images)

LEBRON James has signed an unprecedented lifetime contract with Nike in what is reportedly the largest financial arrangement between an athlete and the shoe and apparel giant in the company’s 44-year history.

A source told Cleveland.com’s Joe Vardon the deal is “multiple times” higher than the $300 million, 10-year contract fellow NBA star Kevin Durant signed with Nike last year.

“We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders,” 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.”

James, 31, has been a Nike athlete his entire 13-year NBA career. Adidas had the opportunity to pitch to him when he was still in high school but, according to former consultant Sonny Vaccaro, blew any chance it had by failing to offer a $100 million guarantee Vaccaro believed would seal the deal.

Nike swooped in with a seven-year contract and has now made 13 versions of James’ signature shoe. Annual sales for his line are estimated to top $400 million this year.

The two-time NBA champion’s new contract could conceivably earn him more than his basketball salary and other endorsement income combined.

James signed a two-year $47 million contract with the Cleveland Cavaliers before the current season. His annual endorsement earnings (including his previous Nike deal) were estimated at $40 million a year.

Nike has never before announced a lifetime deal like the one they did with James today. Assume MJ has at least a de facto one.

— Darren Rovell (@darrenrovell) December 7, 2015

Nike's discussions with LeBron included the idea of breaking out brand separately from Nike basketball umbrella. Ultimately decided against.

— Darren Rovell (@darrenrovell) December 7, 2015

LeBron on why lifetime deal w/Nike: "I don’t want to be nowhere else. I’m Nike & swoosh for the rest of my life." (Via @mcten)

— Darren Rovell (@darrenrovell) December 7, 2015

James’ business partner Maverick Carter will manage the deal.

“LeBron and I have been in love and obsessed with Nike since we were kids,” Carter told ESPN.com.

“Having built a totally innovative global business with them has truly been a dream come true. We are so excited to be taking the business to an entirely new level. For LeBron, he’s thrilled to know he’s a Nike guy for life.”

ESPN.com’s Darren Rovell reported the deal was negotiated by Paul Wachter of Main Street Advisors, the man behind John Henry’s purchase of the Boston Red Sox in 2002 and the $3 billion sale of Beats by Dre to Apple last year.

James’ equity stake in Beats by Dre earnt him an estimated $30 million in that sale as his business interests continue to diversify.

Last week, Time Warner announced a $15.8 million investment in James’ multimedia content platform Uninterrupted, which will allow athletes to broadcast unfiltered messages directly to fans.

Congratulations.