Nike Inc (NYSE:NKE, ETR:NKE) signed a 12-year global agreement to remain the exclusive provider of on-court kits for the teams of the National Basketball Association (NBA) and the Women’s National Basketball Association (WNBA).
The renewal follows the eight-year global outfitting, merchandising, marketing and content partnership struck in 2015 that was estimated to have cost the sportswear group around $1 billion in return for having its logo on an NBA or WNBA jersey for the first time.
Nike has been a 'partner' with the NBA since 1992 and with the WNBA since its inception in 1997.
A partnership was also extended between the sneaker maker and the National Basketball Players Association (NBPA), extending an existing deal.
Nike CEO Elliott Hill said the company "has always been more than a league sponsor — we’re a strategic partner with an unwavering commitment to growing the game".
NBA commissioner Adam Silver said Nike is "inextricably linked to basketball and has helped fuel the growth and innovation around our sport".
The agreement includes new content initiatives, grassroots basketball commitments and a joint membership program offering fans products and experiences.