Metro Manila (CNN Philippines) — They just did it.
The National Basketball Association (NBA) announced on Wednesday (Thursday PHT) that it has signed an 8-year partnership with sports brand giant Nike beginning with the 2017-18 season.
Terms of the deal were not immediately disclosed, but is reportedly worth roughly $1 billion or $125 million per year, which is approximately a 245% annual increase from the previous one.
Nike will be the exclusive on-court outfitter for the NBA, Women’s National Basketball (WNBA), and NBA Development League (D-League).
The world’s largest shoe company will also become the first sports label to have its logo appear on the team uniforms.
Current apparel provider Adidas has previously declared that it will not be extending its 11-year contract with the pro basketball league.
