Steph Curry is one of the hottest commodities in the NBA and all of sports for that matter, and Under Armour is doing what it can to keep him in their family. They worked towards that goal by signing the reigning league MVP to a seven-year contract extension through 2024.
“Under Armour has felt like family since Day 1,” Curry said on CNBC’s Fast Money. “The first years I’ve been with them, we’ve done a lot. We’re just getting started and I’m excited to see long-term what we can do.”
Curry joined Under Armour in late 2013 after Nike let him go. He was only paid around $4 million a year in his original deal with UA, and now he has blossomed into a superstar, underscoring a huge business error by the Swoosh.
Nike currently controls about 90 percent of the basketball shoe market in the country, but UA is hoping to put a dent into that with the upcoming release of Curry’s signature sneaker, which is set for an Oct. 24 release in the US.
The new deal calls for Curry to receive equity in the sports apparel giant. Basketball Insiders’ Steve Kyler says the financial terms of the deal are similar to what James Harden received from Adidas:
Steph Curry's initial Under Armour deal paid him about $4m per year – new deal said to be closer to Harden's $200m adidas deal with stock
— Steve Kyler (@stevekylerNBA) September 16, 2015
Curry now joins Tom Brady and Jordan Spieth as Under Armour athletes who have equity shares in the company.
