Dec. 08--LeBron James will be peddling Nikes for the rest of his life.
The Cleveland Cavaliers superstar signed an endorsement deal with the sports apparel company back when he was still in high school. Now at age 30, the two sides have inked what is thought to be the first lifetime contract in Nike's history.
"I'm just grateful that Nike and Phil Knight and everyone over there just believed in a skinny 18-year-old kid from Akron, Ohio," James said after practice Monday, "and I'm happy to be a part of such a great company."
Financial details of the deal have not been released. James' original deal with Nike back in 2003 was for $90 million over seven years.
"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 emailed to the Associated Press. "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 added: "It's a partnership between us. It's not an endorsement deal. It's a partnership where we always come together and figure out the best way possible for both brands to be successful."
Other companies have signed athletes to lifetime deals before -- Adidas has Derrick Rose and David Beckham, Reebock has Allen Iverson. James said such a deal with Nike made sense for him.
"Because I don't want to go nowhere else," he said. "I'm Nike and swoosh for the rest of my life."
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