In 2003, an 18-year-old high school senior from Akron, Ohio, was handed a $10 million check by one of the biggest shoe companies in the world.
He said no.
The player was LeBron James, and the company was Reebok. He signed with Nike instead.
‘You Can Take This Right Now’
The check came from Reebok chairman Paul Fireman, according to Complex. It had one condition attached. James later recalled the pitch this way: “You just promise me you won’t go talk to Nike or Adidas and you can take this right now,” CNBC reported.
Why He Said No
James told the story years later on “Kneading Dough,” a series from Uninterrupted hosted by his longtime business partner Maverick Carter.
He said the size of the offer is what made him stop and think. “For some odd reason, I started thinking, if this guy… if he’s willing to give me a $10 million check right now,” he said. If Reebok would pay that much up front, he figured, Nike or Adidas might pay more. “Maybe let’s start thinking about the back end.”
Looking back, he said, “I still can’t believe I left that $10 million.”
Nike’s Biggest Deal at the Time
James signed with Nike in 2003 on the eve of the NBA draft lottery. The deal was worth $90 million over seven years, the largest athlete contract Nike had signed at that point, according to The Associated Press. Some outlets, including Sports Illustrated, put the figure at $87 million.
The Cleveland Cavaliers took him with the first pick in that year’s draft.
Nike had made a similar bet once before. In 1984, the company paid a rookie named Michael Jordan $500,000 a year, and Air Jordan brought in $126 million in its first year.
A Nike Athlete for Life
In December 2015, Nike signed James to a lifetime deal, believed to be the first in the company’s history. “We can confirm that we have agreed to a lifetime relationship with LeBron,” Nike said in a statement, according to the AP.
Nike didn’t disclose the value. A source told the AP it easily topped the 10-year, $300 million deal Kevin Durant signed with Nike in 2014, and CNBC reported the lifetime deal may be worth more than $1 billion.
“For LeBron, he’s thrilled to know he’s a Nike guy for life,” Carter said at the time.
For more on how Nike got started, read about the college student who designed the Swoosh for $35.
