Under Armour, Worth $3.7B, Is Betting $1B On Steph Curry With New Contract

Under Armour, Worth $3.7B, Is Betting $1B On Steph Curry With New Contract

Under Armour Curry

NBA Player Steph Curry during TechCrunch Disrupt San Francisco, Sept. 13, 2016. (Photo by Steve Jennings/Getty Images for TechCrunch) https://www.flickr.com/photos/techcrunch/ https://creativecommons.org/licenses/by/2.0/

Stephen Curry II, a pro basketball player for the Golden State Warriors, is close to locking in a lifetime contract with sports apparel and equipment manufacturer Under Armour worth potentially more than $1 billion, Rolling Stone reported in an interview with Curry published Sept. 12.

Based in Baltimore, Maryland, Under Armour has a $3.73 billion market cap.

A four-time National Basketball Association champion, Curry began his career with a Nike endorsement but left Nike in 2013 for a $4 million-a-year deal with Under Armour.

Curry’s $4 million-a-year deal with Under Amour grew to a reported $20 million annually in 2015, Vibe reported. His current $215 million deal is scheduled to end in 2024 and the new lifetime contract will reportedly include Curry getting his own subsidiary brand similar to Nike’s deal with NBA icon Michael Jordan.

According to a representative for Under Armour, Curry’s partnership with the brand will include an increased focus and “complete alignment” on helping bolster his branding in the world of athletic apparel, footwear, and accessories.

Curry talked to Rolling Stone about differences with Under Armour that almost caused him to leave for a competitor in 2018. “I put it on the table,” Curry said. The issue was resolved when Under Armour founder Kevin Plank agreed to establish Curry Brand as its own subsidiary, in the mold of Jordan.

With a potential $1 billion lifetime contract with Under Armour, Curry’s earnings could rival some of the highest-paid athletes in the world.

“Curry has raised his profile as a businessman, a humanitarian, and — slowly but surely — an activist …” Matt Sullivan wrote for Rolling Stone. “…as he considers his status in the history books, and you begin to believe Curry when he declares that he can eventually ‘have as much influence’ as Michael Jordan.”

Considered one of the best shooters in NBA history and one of the greatest-of-all-time point guards, Curry has won four NBA championships in eight years and his first NBA Finals MVP.

Through his foundation, Eat.Learn.Play., Curry has helped fight hunger and promoted literacy, feeding thousands of needy children and distributing more than 500,000 books. His Underrated tour for young Black golfers and golfers of color “may be doing more to diversify his second-favorite sport than Tiger Woods ever did,” Sullivan wrote.