NEW YORK (TheStreet) -- Nike Inc. (NKE) just simply couldn't let Kevin Durant walk away and with the basketball superstar on the verge of a move to Under Armour (UA) , sources told ESPN on Sunday that Nike exercised its right to match any rival shoe company's offer to the Oklahoma City Thunder star.
A source with knowledge of the deal later told ESPN that Durant has indeed signed with the Oregon-based company.
Nike countered Under Armour's offer of between $265 million and $285 million and believes it will keep Kevin Durant for the next 10 years, sources told ESPN.
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Nike, whose seven-year deal that guaranteed Durant $60 million is expiring, made an initial offer of about $20 million a year that was far from what Durant was looking for. Under Armour's huge play for Durant had many believing that Nike would even let him go at that price, ESPN said.
The overall value of Durant's deal with Nike could hit $300 million or more if his business continues to rise. That number is flexible as he will get a royalty on all sales in his line.
Shares of Nike are slightly lower in pre-market trade
TheStreet Ratings team rates NIKE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation: