‣ Austin Reaves, guard for the Los Angeles Lakers, has extended his deal with Rigorer, the company that releases his signature shoes, to become an equity partner.
‣ The multi-year deal will allow Reaves to continue releasing his AR series of sneakers and will earn him “north of seven figures per year.”
‣ Reaves’ new deal is similar to Michael Jordan’s equity deal with a shoe company, but Reaves will have equity in the entire Rigorer company, not just a subsection.
Los Angeles Lakers guard Austin Reaves is making a name for himself. He’s one of the 26 NBA players who will be dropping their own signature shoe this season. After the successful launch of his first-ever signature shoe (the AR1), Rigorer, the company that releases his sneakers, has decided to extend his deal. But here’s the kicker: they’re making him an equity partner.
Let’s talk about this new deal. According to Nick DePaula of Boardroom, the extension will be a multi-year deal. And we’re not talking chump change here. Reaves will net “north of seven figures per year.” This deal will allow Reaves to continue releasing his AR series of sneakers. So, we can expect an AR2, AR3, AR4, and so on.
But there’s more to this deal. Along with adding more signature sneakers to his collection, Reaves will also become an equity partner in the overall Rigorer company. That’s a big deal, folks.
Rigorer, if you’re not familiar, is a sporting goods brand. They specialize in basketball products and offer an extensive range of protection gear. According to their website, they believe in quality. Their products are carefully and purposefully designed with performance and quality as a priority. They aim to provide what their athletes truly need.
Now, if you’re a basketball fan, this might sound familiar. Remember Michael Jordan? As those who watched the film “Air” will recall, Jordan once signed a deal with a shoe company that gave him equity. To this day, Jordan earns 5% on each Jordan brand shoe sale.
But Reaves’ deal sounds even sweeter. From the sound of things, it appears that Reaves will have an even larger share of the pie. His new deal will give him equity in the entire company rather than just a subsection (Jordan is a branch of Nike).
And let’s not forget about his on-court earnings. Reaves is also making a good chunk of money on the court (at least compared to us regular folks). Currently, Reaves is in the first year of a 4-year, 53.8-million-dollar extension he signed this past offseason.