Nike wins battle for Kevin Durant

|By:, SA News Editor

Fending off a challenge from Under Armour (NYSE:UA), Nike (NYSE:NKE) holds on to the Oklahoma City Thunder's Kevin Durant, signing him to a new deal possibly worth $300M over the next ten years, and $350M over the next 20, reports the WSJ.

With Durant's original 7-year, $60M deal set to expire, Under Armour had made an aggressive play for the superstar, but Nike had the right to match any offer and reportedly exceeded Under Armour's bid on Saturday night.

Nike has the dominant share in the $4.5B basketball shoe market, and 2013 sales of Durant's Nike KD shoes of $175M compared to $300M for those under the name of LeBron James. Under Armour's total footwear net revenues were $299M in 2013.