Nike's new CEO talks 12-year deal with NBA, WNBA as the sports giant attempts a turnaround

Yahoo Finance10-22

Nike (NKE) is shooting for a win with a major NBA and WNBA deal. On Monday afternoon, the shoe giant announced a 12-season extension of its partnership with the two leagues, making Nike the exclusive ...

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The company will also continue a marketing and content partnership.Following the announcement, Nike CEO Elliott Hill, who officially took the helm last Monday, said at a New York event that the partnership is a sign the company continues to \"put that athlete and the consumer at the center of everything that we do.\". The star studded event featured sponsored athletes including two-time NBA champion Kevin Durant and 2024 WNBA rookie of the year Caitlin Clark.Nike announces partnership with NBA, WNBA at event in NYC. . 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The company will also continue a marketing and content partnership. \nFollowing the announcement, Nike CEO Elliott Hill, who officially took the helm last Monday, said at a New York event that the partnership is a sign the company continues to \"put that athlete and the consumer at the center of everything that we do.\" \n\"If we do that, we'll come up with new and interesting ways to celebrate the game, move the game forward... help grow the game,\" he said. Hill added the company is \"moving beyond just on-court to lifestyle and the culture of basketball.\"\nThe star studded event featured sponsored athletes including two-time NBA champion Kevin Durant and 2024 WNBA rookie of the year Caitlin Clark.\n\n\n\n  Nike announces partnership with NBA, WNBA at event in NYC. (Picture taken by Yahoo Finance)\n \n\nAs part of the deal, Nike plans to introduce programs and resources for young aspiring professional basketball players, including working with the Jr. NBA, Jr. WNBA, Basketball Without Borders (BWB), and Elite Youth Basketball League (EYBL).\nJordan brand President Sarah Mensah said the move \"reflects our enduring commitment to growing the game.\" \n\"We put athletes, and the game, at the center of all we do, and this extension serves to further galvanize hoopers behind a shared pursuit of greatness as only NIKE, Inc. and our partners can,” she added. \nNike has been a partner of the NBA since 1992, WNBA since its inception in 1997, and of the NBA G League since the 2017-2018 season. \n\nThis is the first major announcement from Elliott Hill, a 32-year Nike veteran. Former CEO John Donahoe, who came from a tech background, announced on Sept. 20 that he planned to retire. \nThe C-suite shakeup came as the sneaker giant is facing pressure from investors. Shares had fallen 20% between January 13, 2020 — when Donahoe joined as CEO — and September 19's market close, per Yahoo Finance data.\nShares are down nearly 6% in the last month. In its fiscal first quarter report, Nike posted revenue that missed Wall Street's estimates, while earnings beat expectations by 18 cents. Its CFO Matthew Friend said a \"comeback of this scale takes time.\"\nNow with Hill, quicker changes may be on the horizon.  \nHill started as an intern and apparel sales representative in 1988 in Memphis, the year the iconic 'Just Do It' slogan was created. Nike's revenue was roughly $1 billion at the time.\nHe has said the competitive Nike culture is the reason he stuck with the business and even moved with the company to seven different cities, including Amsterdam. The journey saw him work closely on the Jordan brand, among others.\nHe retired in 2020 after leading Nike's consumer and marketplace business as president. Some believed Hill was poised to take over as CEO from Mark Parker, but cofounder Phil Knight interjected and was able to push through his longtime friend, board member, and former eBay CEO Donahoe as its next leader.\n—\nBrooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.\nClick here for all of the latest retail stock news and events to better inform your investing strategy","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477845132"}