adidas Basketball has been exclusively providing the NBA with jerseys, warm-up gear and official apparel since 2006. However, next year will be the last year as Nike Basketball has inked an eight year deal to be the exclusive provider for the NBA, WNBA and D-League from the 2017-18 season forward.

According to Bloomberg, Nike paid a billion dollars for the rights to manufacture all of the gear for the three leagues.

Apparently, adidas has been out of the running for the contract since March. adidas’ NBA strategy will focus on signing players and developing new sneakers.

Nike’s stock was positively effected by the news, going up 1.1% to $104.50.

Hat Tip