Stephen Curry becomes $75 MILLION richer overnight as shoe sponsor pins future on Warriors superstar
The Human Sniper's $75 Million Stock Grant Highlights the Importance of Athlete Endorsements
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Source: Under Armour
Stephen Curry, the famous basketball player for the Golden State Warriors, has been awarded shares worth $75 million by Under Armour, Inc. as part of his compensation package. This is in recognition of his appointment as president of the company’s Curry Brand and his role as an ambassador for the brand.
The disclosure was made in a public filing with the US Securities and Exchange Commission (SEC) on April 3rd. The grant comprises 8,823,530 restricted stock units in Under Armour’s common stock, which was valued at $75 million on the grant date. The vesting of the award is subject to Curry remaining with the company, with the first instalment set to vest in 2029 and the second in 2034.
Last week, Under Armour and Curry, revealed a fresh long-term agreement that could last a lifetime if specific revenue goals are achieved. The contract is anticipated to extend beyond Curry’s active playing years. He has been associated with Under Armour since 2013 and has launched ten signature shoe collections in partnership with the company.
“The Award was granted as partial consideration in connection with Mr. Curry’s entry into an Under Armour, Inc. Athlete Product, Brand, Ambassador, and Endorsement Agreement (the ‘Athlete Agreement’) with the Company, pursuant to which Mr. Curry is continuing his relationship with the Company as a brand ambassador of the Company and will serve as the President of Curry Brand, a signature product line of the Company,” the filing said.
Related: How many rings does Stephen Curry have?
Stephen Curry’s role highlights importance of athlete endorsements
The $75 million stock grant to Curry highlights the significance of athlete endorsements in the sports world. The deal between Under Armour and Curry is just one example of how sports brands are willing to invest heavily in athletes who can help promote their products and increase their market share.
Curry’s partnership with Under Armour began in 2013, and since then, he has become the face of the brand. His popularity and marketability have helped Under Armour gain more recognition and sales, especially in the highly competitive sports apparel industry. Curry’s new role as president of Curry Brand further cements his importance to the company.
The value of athlete endorsements has been increasing in recent years, with brands looking for athletes who can help them stand out from the competition. Nike, Adidas, and Under Armour are among the major brands that have signed lucrative deals with athletes, including Michael Jordan, LeBron James, and Serena Williams.
The secrecy around athlete endorsement deals makes it challenging to determine how much athletes make from these partnerships. However, the disclosure of Curry’s $75 million stock grant from Under Armour sheds some light on the kind of compensation that athletes can receive from endorsement deals.
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