According to Nike:
"We can confirm that we have agreed to a lifetime relationship with LeBron that 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."
Although the exact figure paid remains unknown, it remains the only lifetime deal in Nike's 44-year history but it is reported to be the record single athlete deal, exceeding the $300m (£200m) deal Nike signed with fellow NBA star Kevin Durant of the Oklahoma City Thunder.
"I'm very humble, man. It's been an unbelievable time for myself and my family, and I'm just grateful that Nike and [Nike founder] Phil Knight and everyone over there just believed in a skinny-old, skinny 18-year-old kid from Akron, Ohio, and I'm happy to be a part of such a great company" Lebron stated while speaking with the press after Monday training