What new potential lifetime contract means for Stephen Curry, Under Armour
While Golden State Warriors point guard Stephen Curry likely has a few more years before he calls it a career, the former two-time league MVP doesn’t have to worry about life after basketball.
Curry agreed to a new long-term partnership with sports apparel brand Under Armour that will last long into his retirement as announced by both parties on Thursday. Although financial terms weren’t disclosed, between annual pay, royalties and performance incentives, the deal is expected to be one of the most lucrative endorsement deals ever.
“If the past 10 years have shown me anything, it’s that Under Armour and I can build great things together,” Curry said in a release. “It’s all about impacting athletes and creating products that perform and resonate with them, and Under Armour does it best. In 2013 we bet on each other, and I’m all in on taking this next step together.”
Per the new agreement, Curry will serve as president of the Curry Brand — Under Armour’s signature product line that features footwear plus apparel for basketball, golf and other training gear. Curry will also help grow the brand in terms of its product offerings as well as bringing in new athletes to serve as brand ambassadors.
Under Armour founder Kevin Plank stated that certain performance-based revenue goals could trigger clauses that extend Curry’s deal into a lifetime contract.
Curry first signed with Under Armour in 2013 in a deal that paid him approximately $4 million per year. He signed a new contract in 2015 that runs through the 2024 NBA season worth approximately $215 million with an equity stake in the company as well.
During his tenure with UA, Curry has released 10 signature shoes plus UA Flow, a special cushioned technology used in all Curry Brand shoes plus all other company footwear.
"I took a chance on trying to partner with them," Curry said, via ESPN. "It sounds crazy, but in 2013 they were still an up-and-coming threat to the sportswear industry and building the basketball category. We've been attached at the hip ever since. The good, the bad and the learning lessons of all of it are part of trying to do great things in business."
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