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.
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