LeBron James signs lifetime contract with Nike

Nike has signed Cleveland Cavaliers forward LeBron James to a lifetime deal in what one source familiar with the negotiations said is the largest single-athlete guarantee in company history.

"We can confirm that we have agreed to a lifetime relationship with LeBron that provides significant value to our business, brand and shareholders," Nike said in a statement.

A company spokesperson would not say how much Nike paid. It is believed to be the first lifetime deal in the shoe and apparel company's 44-year history.