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NBA superstar Steph Curry is reportedly on the verge of a lucrative $1 billion lifetime contract with Under Armour (NYSE:UA) (NYSE:UAA), according to Rolling Stone.
In 2013, Curry left Nike (NYSE:NKE) for an approximately $4 million-per-year deal with Under Armour, although the number has since jumped to around $20 million per year. According to a report from NBC Sports, he has a $215 million deal with Under Armour that runs until 2024, but it might extend even longer.
The new deal is said to be similar to Nike’s with Michael Jordan, which will see Curry receive his own subsidiary brand.
Under Armour shares are up over 1% Wednesday, clawing back some gains from Tuesday’s more than 6% decline. With inflation still impacting consumers, retailers and brands such as Under Armour have been affected by consumers reducing spending.
