EXCLUSIVE: 'The marketing heist of the century' - Inside Nike's botched $22 billion sneaker deal
Updated . First published at
It has gone down in folklore as perhaps the biggest dropped catch in sports marketing history.
Nike, the Michael Jordan-fuelled NBA sneaker behemoth, had a young Stephen Curry in a swish California hotel room and was seemingly set to close on a deal.
Now unanimously hailed as the greatest shooter in basketball history, Curry's transcendent career was only just getting started.
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Stephen Curry attempts a free throw during the 2013 NBA Playoffs. Getty
In 2013, Curry was 25 and a rising star, not yet an all-star.
He had worn Nike shoes since he was a young pup and, as detailed in Ethan Sherwood Strauss' 2016 ESPN expose, it appeared the company's executives took his signature for granted.
As the incumbents, Nike had the first opportunity to keep Curry on their books and ink a contract extension.
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Stephen Curry of the Golden State Warriors ties his Under Armour sneakers. Getty
But the pitch meeting, run by now maligned Dallas Mavericks general manager Nico Harrison, was reportedly a complete disaster.
One official - not Harrison - insulted Curry by mispronouncing his first name and then a PowerPoint slide flashed up with Kevin Durant's name, not Curry's.
Nike offered Curry a $3.88m contract and upstart apparel company Under Armour pounced with a $6.2m approach that Nike failed to match.
Stephen Curry at the Olympic Games Paris 2024 at Bercy Arena. Getty
Strauss called it "the marketing heist of the century."
And one of the key players was in Sydney this week to announce the launch of the Professional Fighters League Pacific in conjunction with Stan and Nine.
"No, hey, listen, Steph, he created the partnership," PFL chief executive Peter Murray told Wide World of Sports, refusing to take a victory lap 12 years on.
PFL CEO Peter Murray speaks during the Professional Fighters League Pacific launch press conference. Getty
"He was part of the vision and he'll tell you the story that it came down to a number of footwear brands and performance brands including Nike. His daughter (Riley) was part of it, you know.
"She picked out the shoes she liked best, so that's part of the history of it. But Steph, he was betting on himself and he bet on the brand and the team, so it was a real privilege to be a part of that."
An insanely lucrative privilege at that.
Stephen Curry of the Golden State Warriors speaks to the media with daughter Riley. Getty
Curry and Under Armour's stocks soared together as the Golden State Warriors revolutionised the sport with a high volume, three-point shooting barrage.
Led by the 'Splash Brothers,' Curry and Klay Thompson, the Warriors won four NBA titles as Curry competed with LeBron James as the most popular and influential player in the world.
Curry's slight and relatively short frame gave hope to non-genetically blessed hoopers all over the globe.
The Under Armour 'Curry 8's' worn by Stephen Curry of the Golden State Warriors. Getty
And his squeaky clean family man image made him a marketing and sponsorship dream.
In 2016, Morgan Stanley analyst Jay Sole estimated Curry's worth to Under Armour at a jaw-dropping $22 billion.
Job done, Murray left Under Armour in 2018 to become PFL boss and grapple with another sporting giant - the UFC.
James Frewin and Peter Murray of the PFL and Dan Taylor and Ben Kimber from Stan. Getty Images for PFL
"It was Under Armour during its high growth period, you know, a challenger brand and a disruptor with an eye for talent," Murray said.
"And Steph Curry really epitomised the brand - and what Steph is all about as an incredible competitor, an athlete, but also an underdog.
"And you see what he's achieved since he signed with Under Armour. Where he is today and what he's doing to not only lift the Golden State Warriors but the sport. He's a good man."
Nico Harrison attends a basketball game between the Los Angeles Lakers and the Dallas Mavericks. Getty
Harrison has been back in the headlines this year after the bombshell decision to trade Mavericks megastar Luka Doncic to the Los Angeles Lakers.
He did his best to absolve himself of blame for the Curry fumble during a 2022 appearance on the Point Forward podcast.
"There is an article out. And the article says I mispronounced his name. It wasn't me. It absolutely wasn't me," Harrison said.
"But they didn't know the other person, they knew me. So, they say I mispronounced his name because it's sexy. But I'm like, first of all, I've known this guy forever, like since he was in high school.
"I used to represent his dad (Dell Curry). How am I going to mispronounce his name?
"I might have called him Seth (Curry's brother), but I wasn't going to mispronounce his name. So yeah, Nike made a mistake. In all honesty, if he would have stayed with Nike, his business would be a monster right now. A monster."
