Under Armour is doubling down on Golden State Warriors guard Stephen Curry, extending its sponsorship deal with the NBA's Most Valuable Player through 2024 and providing him an equity stake in the company.
The deal supersedes the one Curry signed with Under Armour two years ago after his initial Nike deal — the one he signed when joining the league — had expired.
Under Armour's aggressive approach is similar to its handling of golfer Jordan Spieth. In January, the company tore up the original four-year deal and locked in Spieth to a 10-year contract.
"Stephen is a once-in-a-generation talent and has unprecedented influence on the game of basketball," said Adam Peake, Under Armour's executive vice president for global marketing, in a written statement. "His work ethic, uncompromising self-belief, and commitment to the community are characteristics that make Stephen the perfect partner to ignite the growth of Under Armour in the sport of basketball and around the world."
The new deal provides Curry with an ownership stake. Specific terms were not disclosed.
"As part of the deal, Stephen becomes an equity partner, equally invested to build our basketball category into a billion-dollar brand globally and help Under Armour achieve our financial goal of $7.5 billion by 2018," Peake said Thursday. "This is a true partnership and will continue to build on our momentum in the sport of basketball and on the Under Armour brand around the world."
On Wednesday, Under Armour CEO Kevin Plank said the company is expected to reach $7.5 billion in net revenues by 2018. The company had $3 billion in sales last year. Footwear, international sales and connected fitness are all driving the company's growth.
Under Armour launched a Curry-themed basketball shoe, the Curry One, and his apparel collection in February 2015. The next edition, the Curry Two, launches in the United States on Oct. 24. It is already available in Asia, where Curry toured with the company.
Curry was at Under Armour's headquarters on Wednesday for the surprise announcement.
Curry said in a statement: "Under Armour has felt like family since day one. In the first two years of our partnership, we accomplished so much both on and off the court, and I'm looking forward to being part of the brand's story for the rest of my playing career and beyond."
Curry averaged 26 points and 6.3 assists per game as the Warriors defeated the Cleveland Cavaliers in six games to win the 2015 NBA championship.