LeBron James signs lifetime endorsement deal with Nike

Cleveland Cavaliers forward LeBron James has signed a lifetime deal with Nike, believed to be the first deal of its sort in the company's 44-year history.

"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. "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."

The company did not say how much the deal is worth, but a source told ESPN it soars above the $300 million, 10-year deal Oklahoma City Thunder forward Kevin Durant signed with Nike last summer. In 2003, Nike signed its first deal with James on the eve of the NBA lottery — a $90 million deal for seven years. James says he's "grateful" for Nike and "everyone over there" who "just believed in a skinny 18-year-old kid from Akron, Ohio, and I'm happy to be a part of such a great company."

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