Jeremy Lin's Endorsement Deal with Nike Extended

Nike, the biggest name in athletic shoes, has locked up Jeremy Lin, most likely the decade’s biggest sports sensation, to a long-term endorsement deal, according to 21st Century Economic Report.

Nike had signed Lin to a $200,000-a-year endorsement deal in 2010 during his rookie season in the NBA. That contract had apparently prevented Lin from being able to negotiate a sweeter shoe deal with rivals like Adidas. Now Nike has locked up Lin to a long-term contract for somewhere between $2 and $5 million a year. Nike’s push to dominate the huge Chinese market will get a big boost as Lin has become as big a sensation in China, Taiwan and the rest of Asia as he is in the U.S. The company plans to sell basketball shoes in Knicks blue and orange with “Lin” printed across the back.

The deal puts Lin among a very select group of basketball players who have won multi-year product deals with Nike — Michael Jordan, Kobe Bryant and LeBron James.

Nike isn’t the only brand interested in capitalizing on the excitement Lin has generated with his Cinderella-story rise from an undrafted, twice-cut benchwarmer to a starting point guard who has led the Knicks to a 9-3 record since February 4. Adidas is planning on selling Knicks jerseys bearing Lin’s name.

“Brands from the beverage to fashion industries are all hoping we can help them work with Jeremy Lin, which has made us and Lin’s agent very busy,” said Zu Xiaodong, general manager of Chinese sports marketing firm Europe Motion Sports Culture Communications.

Lin is also having a coattail effect on the NBA. The sensational interest Lin has inspired in China has prompted China’s state-run CCTV to buy the rights to more NBA games. And share of Madison Square Garden, the Knicks’ home arena, have risen over 6% in the first two weeks since Lin made his debut as the Knicks’ starting point guard.