LeBron James of the Cleveland Caveliers dunks the ball against the Los Angeles Clippers at the Staples Center on Jan. 16, 2010 in Los Angeles, Calif.
Photo by Kevork Djansezian/Getty

Nike signs LeBron James to lifetime deal

Updated

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. 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. Nike sold $340 million of James’ shoe line in the 12 months through January 2015, according to SportsScanInfo.

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.

Nike shares rose about 1 percent in extended trading Monday. The stock has climbed about 37 percent this year, the top performer in the Dow Jones industrial average.

This article first appeared at CNBC.com.

LeBron James and Sports

Nike signs LeBron James to lifetime deal

Updated