LeBron James Signs Major Deal with Nike: Dr. Boyce Breaks it Down

To no one's surprise, NBA star LeBron James has signed a new deal with Nike. The old deal, signed in 2003, was for $93 million dollars, and James seems to have delivered for the Nike Corporation.

"LeBron James is one of the world's best basketball players and a global sports icon that has transcended generations and cultures," Nike spokesman Kejuan Wilkins said. "Nike's relationship with LeBron has created innovative basketball products and captivating campaigns. We're proud to continue our partnership with him for years to come."

While terms were not disclosed, the current deal is believed to be for a longer period of time than his 2003 deal, which was set to cover a seven-year period.
"Our relationship with Nike is more than a shoe deal," Carter said. "It's more like a joint venture -- meaning we are working to build a business. His latest shoe, the LeBron VII designed by Jason Petrie is the best selling shoe we've ever had in LeBron's line."

Some wonder if James has been encouraged by Nike to play in New York, since this would allow him to sell more shoes. The truth is that it would certainly help him sell more shoes in the U.S., since New York City is the media capital of the world. At the same time, James really needs one major commodity that has eluded him since he started playing professional basketball: A championship.

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Magic Johnson Professional Profile

MJ Enterprises
MJ Enterprises serves ethnically-diverse, urban communities of Magic Johnson Enterprises makes strategic investments, partnerships and endorsements in ethnically-diverse urban communities. Magic Johnson Enterprises covers all of the business ventures connected to his name and assets: Magic Johnson Movie Theaters and 90 Starbucks locations.

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Magic Johnson Professional Profile

Rivalry with Larry Bird
It started with the game that put the "Madness" in the month of March. Bird's Indiana State vs. Magic's Michigan State Spartans in the 1979 NCAA Championship game. Larry lost. But it was only the beginning for this rivalry that spanned on to the 1984, 1985 and 1987 NBA Finals. "We came along at the right time," says Magic. "That's all I can say. I needed Larry and he needed me. We pushed each other, meant so much to each other and meant so much to the game. It was a fun time."

Magic Johnson Professional Profile

Basketball Career
Magic played a big part in pulling the NBA from near bankruptcy into making huge profits. The Hall-of-Famer is one of the greats. His career by the numbers: One gold medal during the 1992 Barcelona Olympic Games; 5 NBA Championship Rings (1980, 1982, 1985, 1987, 1988);
3-Time NBA MVP (1986-1987, 1988-1989, 1989-1990); 12-Time All-Star.

Magic Johnson Professional Profile

USA Olympic Dream Team
The Dream Team dominated in Barcelona, Spain. It was obvious this was OUR sport. Team USA beat its eight opponents by an average of 44 points! No wonder: they had Magic Johnson, Michael Jordan and Larry Bird, the irrepressible Charles Barkley for a little spice, as well as seven more NBA All-Stars: centers David Robinson and Patrick Ewing, power forward Karl Malone, Scottie Pippen, Chris Mullin, Clyde Drexler, and point guard John Stockton. As one story on NBA.com goes: While trying to guard the 6-foot-9 Magic, one foreign player was seen waving to a teammate on the bench with his camera. He was making sure he got a picture of them together.

Magic Johnson Professional Profile

Coaching The Lakers
Magic became the Lakers' coach in March 1994, following his burning desire to coach in the NBA. He took over one of the league's worst teams mid-season. The Lakers went 5-11 under Magic and he quit after the season.

Magic Johnson Professional Profile

Owning The Lakers
Next, in 1994, Magic bought a stake in his team. He still holds title of vice president today, working in various management areas. "This has always been my dream," Johnson said when he inked the deal. Magic paid more than $10 million for part-ownership.

Magic Johnson Professional Profile

The Biographies of Earvin Johnson
In 1992, Magic wrote his autobiography, 'My Life,' one of nearly a dozen biographies to be published on the NBA great. In the tell-all, Magic shared his upbringing by an auto assembly-line worker father and hard-working mother. The book opened with "I grew up in the kind of black family that people today worry is disappearing. Even though there were nine of us - we had what we needed - two great parents, food on the table, and time for the whole family to be together."

Magic Johnson Professional Profile

The Magic Hour TV Show
Johnson premiered 'The Magic Hour' talk show in 1998. The show, which had hopes to replace the Emmy Award-winning The Arsenio Hall Show, was canceled after eight weeks on the air. The Magic Hour might best be remembered for an episode featuring shock jock Howard Stern, who ridiculed the short-lived show.

Magic Johnson Professional Profile

The Magic Johnson Foundation
The MJ Foundation is one of two of Johnson's professional endeavors bearing the "Magic" brand. MJF has awarded more than $1.1 million to community-based organizations that focus on HIV/AIDS education and prevention, and has established four HIV/AIDS clinics.

Magic Johnson Professional Profile

HIV-AIDS Awareness
In 1991, Magic announced he had HIV, which causes AIDS, and his fight to find a cure has never ended. Without a doubt, Magic is one of the premier spokesmen for HIV/AIDS awareness and treatment/cure research. In 2007, Magic founded the "I Stand With Magic" Program and web site. It is a part of a campaign to empower all people to take a stand against HIV/AIDS. The site gives info on HIV/AIDS issues as well as education and awareness materials, and testing and treatment resources.

Magic Johnson Professional Profile

The pressure to win a title is getting greater for LeBron, who hasn't been able to take his team to the promised land. All the while, Kobe Bryant's tarnished brand has made a nearly complete recovery, namely because he has earned himself another ring. Another important reality is that LeBron isn't going to sell most of his shoes in the U.S. anyway -- he's going to sell them in China.

When I taught a finance class in China four years ago, I was floored by the number of Chinese boys who are growing up on NBA basketball. Every single boy I met loved the game, and the NBA finals were playing on the cafeteria television every single day. That's when I realized that David Stern is well on his way to achieving his goal of turning the NBA into a truly global commodity. The Chinese love champions, so LeBron has to find a way to become one.

One thing that many are saying is that while LeBron James is great, he is not another Michael Jordan. This changes the dynamics of shoe deals and reminds companies to stop looking for the next MJ.

"I don't think any basketball player is making $10 million a year in guaranteed money on a shoe deal ever again," said Sonny Vaccaro, who convinced Nike to spend their entire basketball budget on Jordan in 1984. "All my life, I said there would never be another Jordan and now we know. It wasn't Kobe. And it wasn't LeBron."

One thing that Voccaro is forgetting, however, is that LeBron is still a young man. At the age of 25, LeBron has a lot of good years ahead of him, and will surely find a way to get the rings he deserves. While he might not win as many titles as Mike did (who does that anyway?), the truth is that LeBron is a legend in his own right. Don't write him off just yet; there's a lot more left for him to do. Personally, my hope is that James will start doing more things off the court, utilizing his powerful platform to achieve social justice for African Americans, particularly black men in prison. That would elevate him beyond Michael Jordan to the status of the great Muhammad Ali. There's more to being a champion than just playing a sport -- it's also okay to be a hero.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the new book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.