NBA News: Steph Curry extends sponsorship deal with Under Armour

Golden States Warriors star point guard Stephen Curry has extended his sponsorship deal with Under Armour, agreeing to a contract extension through 2024. Terms in Curry’s contract were not disclosed, but the new agreement reportedly includes ownership in the Baltimore-based company.

Curry, who established himself as one of NBA’s elite point guards, made a surprise appearance on Thursday at Under Armour’s Global Headquarters in Baltimore to join CEO Kevin Plank in announcing the extension of his partnership with the brand throughout the next nine years. Executive vice president of Global Marketing Adam Peake said in a press release to PR News Wire that Curry is the “perfect partner” for increasing the growth of Under Armour in basketball around the world.

Curry was signed by Under Armour two years ago after sport giant Nike failed to match the deal with “the baby-faced assassin” worth less than $4 million (AU$5.5 million) a year. The said deal quickly became a bargain Curry emerged one of the best players in the league.

"Under Armour has felt like family since day one," Curry said in a statement. "In the first two years of our partnership, we accomplished so much both on and off the court, and I'm looking forward to being part of the brand's story for the rest of my playing career and beyond."

Under Armour struggled to attract the masses to buy its shoes since it started in 2006, but Curry’s arrival brought success to the apparel maker in the footwear category. Curry’s first signature basketball shoes, the “Curry One,” helped Under Armour sell a record $153 million (AU$212.8 million) in shoes in three months. Curry’s new contract with Under Armour will continue to grow signature footwear lines and collections for the NBA's 2014-2015 MVP.

Meanwhile, Plank is expecting Under Armour to double this year’s revenue and become a $7.5 billion (AU$10.4 billion) company by 2018. Plank told CNBC’s “Power Lunch” that he believes there is still an opportunity to expand overseas markets, including Asia, where the company launched “Curry Two” as part of Curry’s Under Armour tour of the region.

"You know Steph Curry is a great friend, he's a great partner to the brand as well,” Plan told CNBC. “He's someone we're going to have around for a very long time, and we're going to build a billion-dollar basketball business with Stephen Curry, so that will take market share from others.”

Contact the writer at feedback@ibtimes.com.au, or let us know what you think below.