Golden State Warriors point guard Stephen “Steph” Curry could earn almost half a billion dollars from a new long-term contract extension with sportswear manufacturer Under Armour, according to reports.
The agreement, which could also potentially last beyond Curry’s playing career, will build on the 35-year-old NBA star’s relationship with Under Armour, he and the Baltimore, Maryland-based company announced Thursday, according to a report by CNBC.
Curry, who signed with Under Armour in 2013 and is already on his 10th signature shoe with the brand, will be tasked with helping drive athlete insights, product development as well as strategic business and marketing endeavors.
He will also reportedly assume a broad advisory role focused on expanding brand loyalty and recruitment to expand the company’s athlete roster.
Under Armour, for its part, will provide increased funding for community impact efforts under the contract extension.
“We started with the signature business, and with the opportunity to deepen the partnership, with an expectation of it going past my playing days and the added investment in the great things that we both bring to the table, it’s an exciting time to strengthen that partnership,” Curry said.
“We understand that it’s a mutually beneficial venture to do some great things, build a great roster, build more scale to the business and create great storytelling,” the athlete, who is estimated by Celebrity Net Worth to have a net worth of around $160 million, added.
While the exact terms of the new agreement were not disclosed, it could be one of the biggest-ever endorsement deals in sports history once annual base pay, stock equity, royalties on signature products and on-court incentive bonuses are tallied, ESPN reported.
Curry’s initial deal with Under Armour in 2013 was worth about $4 million a year, but the extension could result in him receiving almost $500 million, according to Basketball Forever.
In comparison, all his NBA contracts will total more than $473 million by the 2025-26 season.
Under Armour earned nearly $1.1 billion in sales in the first three quarters of 2022, with the third quarter racking up $354 million.
Meanwhile, competitor Nike’s footwear sales last year totaled $7.97 billion. The company’s Jordan brand alone saw $5 billion in revenue that year.
“We are doubtful that Curry is greater than a $250 million business,” John Kernan, an analyst with investment banking company Cowen, said.
However, Under Armour founder Kevin Plank believes the new Curry partnership will give Under Armour the catalyst it needs.
“Stephen is one of the greatest talents of our generation. At his core, he embodies what it means to be an Under Armour athlete and is an integral part of the Under Armour family. We are excited to keep building together, bringing even more innovation and inspiration to athletes across the globe,” he said.
Plank explained that specified performance-based revenue targets would trigger clauses to continually extend Curry’s contract, which has the potential to be a lifetime deal.
“There’s always been a continuation [in mind] with Stephen. I couldn’t imagine Under Armour without Stephen, or Stephen without Under Armour,” he said.
Recently appointed company CEO Stephanie Linnartz is also looking forward to working closely with Curry’s team as they focus on the next chapter of growth, she said.