Jeremy Lin reportedly has a new deal with Nike, sportswear giant planning to release shoe for NY Knicks’ phenom
Nike has a case of Linsanity.
The sportswear giant extended its contract with the Knicks' point guard, less than three weeks after his meteoric rise to fame, Beijing Business Today reported, in an effort to guard him from being stolen by rival companies.
SI HAS JEREMY LIN COVERED AGAIN
While the terms of the deal aren't clear, ESPN Radio reported last week that Nike planned to release a new shoe that features the Knicks' blue and orange and "Lin" on the back of the heel.
Nike will soon roll out a new promotional campaign built around Lin, industry sources told ABC News – the first of what is expected to be a parade of endorsements featuring the 23-year-old phenom.
END ZONE: JEREMY LIN IS THE KNICKS' FAITHFUL PHENOM
When reached by phone on Wednesday, Lin's agent declined to comment on the deal.
Marc Ganis, the owner of SportsCorp Ltd., told the Daily News that Nike's original deal with Lin was most likely limited, which would explain the renegotiations.
While bidding among sneaker companies for Lin could have drawn his price into the upper-seven figures if he didn't have an existing Nike deal, now it's likely that Nike will pay him between $2-4 million, he said. In addition to giving Lin a reason to stay with Nike after the locked-in period is over, it could also be a huge shot in the arm for a company that has been looking for a way to grow their market in China and Taiwain.
"You can expect he's going to be their number two poster endorser toLeBron James in China and they may promote him as the top guy (there)," he said.
Lin also gives Nike a way into a different kind of market in the United States, he said.
"(He's) given them a whole different segment of the market they can approach – the non-jock jock. The kids and the adults who are cerebral and may have Ivy League aspirations for education, but not pro aspirations for athletics – Lin gives them a unique connection to that market."
The deal comes as the Knicks and Lin's lawyers are going full force to protect his trademark rights for future Lin gear and endorsement deals.
Last week, Pamela Reese, a Washington-based lawyer filed papers to trademark Lin's name and "Linsanity" as the Knicks and the NBA said they were cracking down on counterfeit gear around the world.
"As is often the case when the demand for NBA product is high, there are counterfeiters seeking to take advantage of the current interest in Jeremy Lin," Ayal Deutsch, NBA senior vice president and chief intellectual property counsel told the Daily News in a statement earlier this week. "The NBA is pursuing enforcement - in the US, China and other countries - to address the sale of counterfeit 'Lin' jerseys and other unauthorized merchandise using NBA intellectual property. We also are coordinating with Jeremy Lin's representatives regarding their efforts to enforce against the unauthorized use of his name and image."
The undrafted point guard out of Harvard first signed with Nike before his rookie season with the Golden State Warriors.
No comments:
Post a Comment