NEW YORK (TheStreet) -- Nike (NKE) has scored a big contract with the NBA, taking over from Adidas (ADDYY) as the league's official apparel manufacturer. Adidas announced in March that it would not look to extend its 11-year deal with the NBA. Nike is reportedly paying about $1 billion over eight years, an approximately 245% increase from the NBA's prior deal with Adidas, according to ESPN.

Through the agreement, the NBA said Nike will become its first apparel partner to have its logo appearing on all players' uniforms. Nike will also have the global rights to design and manufacture Authentic and Swingman jerseys, warm-ups and shooting shirts. The global merchandising and marketing agreement is for eight years, beginning in 2017.

Nike president and chief executive Mark Parker said in a statement, "We're excited to bring the full power of our global reach, innovation and creativity to partner with the NBA and grow the game in a way only Nike can. In Nike, Jordan and Converse we have three of the most connected brands in the world, and look forward to making the global growth of the game a successful strategy for both the NBA and Nike."

The partnership is an expansion of a preexisting relationship between the two entities. Nike, which already has endorsement deals with several of the league's biggest stars, such as the Cleveland Cavaliers' LeBron James, the Oklahoma City Thunder's Kevin Durant and L.A. Lakers' Kobe Bryant, has been a global marketing partner of the NBA since 1992. It's also been a marketing partner of the WNBA since the league's inception in 1997.

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