Nike Signs lebron james to lifetime deal

Nike has signed NBA star LeBron James to a lifetime deal, the company said Monday.

The sneaker giant did not disclose the terms of the agreement. CNBC noted that sources provided information that it is the biggest agreement in Nike's history. In a statement, Nike said its relationship with the Cleveland Cavaliers star "provides significant value to our business, brand and shareholders."

"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," Nike said.

James initially signed with the company out of high school in 2003 for a reported $90 million. The extension announced Monday marks the first time Nike has officially given a lifetime deal, according to sources.

James' lifetime commitment is the latest in high-profile endorsement deals for NBA stars. Nike previously extended its deal with the Oklahoma City Thunder's Kevin Durant last year.

In September, the Golden State Warriors' Stephen Curry extended his deal with Nike rival Under Armour through 2024.

Other companies have negotiated lifetime deals -- Adidas has structured them with Chicago Bulls point guard Derrick Rose and soccer great David Beckham and Reebok has a lifetime deal with former Philadelphia 76ers point guard Allen Iverson.