The New York Knicks’ second-year sensation Kristaps Porzingis has become the newest member of the adidas family. Porzingis previously had an endorsement deal with Nike — significantly more modest in terms of earnings — dating back to 2012. Here are a few more specifics on the terms of the contract, via Nick DePaula of The Vertical:
The deal will pay Porzingis, 21, between $3 million and $6 million annually, depending on incentive bonuses met. It’s the most lucrative shoe deal signed by a European player to date.
Nike, his previous sponsor, has until mid-October to match the exact terms of the adidas contract because of the brand’s standard “right to match” clause, but Nike is not expected to match the deal, sources said.
Though his deal doesn’t immediately include a signature shoe, Porzingis can work up to that if he’s able to meet certain incentives built into his contract.
The 7-foot-3 Latvian quickly went from unknown, draft-night disappointment last summer to fan favorite and one of the most pleasant surprises of last season, finishing second in Rookie of the Year voting behind Karl-Anthony Towns. With the Knicks’ off-season acquisitions of Derrick Rose and Joakim Noah, Porzingis is a core member of a group the organization hopes can climb its way back to respectability.