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The contract is the largest single-athlete deal in Nike's 44-year history. It also marks the first time that Nike has officially given a lifetime deal.
James, who is 30 and entering a new phase of his career, signed a seven-year, $90 million contract with Nike before he was drafted by the Cavaliers in 2003. In 2010, James resigned with Nike and reportedly earned as much as $30 million annually.
James has had his own signature shoe line with Nike since his rookie season, and sales of his shoe were the highest among active players at $340 million per year, according to SportsOneSource (via Forbes).
As Fortune's Daniel Roberts notes, James' deal with Nike is the latest in a series of successful business ventures. Last week, he landed a $15.8 million investment from Time Warner Cable in his media company.