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International: Nike's $476m cash back

10-October-2006
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International: Nike's $476m cash back

Nike sponsors 14 of the world's 25 highest-paid athletes. Yet shoes plugged by retired basketball star Michael Jordan continue to outsell those of newcomers such as LeBron James and Kobe Bryant.

Nike estimates it will pay athletes and sports teams $476.5m in the fiscal year ending in May, 74% more than it did four years ago. Sales will be 50% higher, according to analysts' predictions.

Sales for the year ending in May will probably rise 7.6% to $16.1bn, according to the average estimate of 13 analysts in a Thomson Financial survey.

Source: The Guardian

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Prior to joining Madison PR in 2012 Chaudhary was Group President Corporate Communications at Reliance Industries Limited.