Wiggins signs multi-year shoe deal with Adidas
07/09/2014 9:51 AM
07/09/2014 9:56 AM
Keep track of the zeros on the contracts, because Andrew Wiggins is set to cash in after being selected No. 1 overall by the Cleveland Cavaliers.
Wiggins, who is preparing for his rookie season in Cleveland, has signed a multi-year endorsement deal with shoe brand Adidas, according to multiple reports.
ESPN business reporter Darren Rovell reported Tuesday that the deal is guaranteed to be worth at least $2 million annually. Wiggins wore Adidas during his one season at Kansas, which also has a contract with the shoe brand.
It’s some nice coin for a rookie — though it pales in comparison to some of the wild projections bandied about during Wiggins’ freshman season at Kansas.
Before Wiggins even played a college game, Bleacher Report published a story on the upcoming sneaker war to sign Wiggins, quoting an unnamed source that said Wiggins’ shoe deal could be worth more than $140 million. Parts of the story were quickly debunked.
Nevertheless, Wiggins is poised to make close to $7 million as a rookie, including his shoe contract. According to Forbes rookie salary projections, as the No. 1 overall pick, Wiggins will make around $11.3 million during his first two seasons and could make up to $24.8 million during his rookie contract.
Wiggins is also the first No. 1 pick to sign a shoe contract with Adidas since Chicago’s Derrick Rose in 2008, according to Rovell. Shoe giant Nike dominates the basketball shoe market, owning a 95 percent share in the United States, according to market retail tracking firm SportsOneSource. As Rovell reports, Adidas has a 3 percent share.
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