Nike, Washington County, Ore., has secured an exclusive deal to become the official uniform supplier of the National Basketball Association (NBA), New York, beginning in the 2017-18 season.

The deal is reportedly valued at $1 billion over eight years.

“This partnership with Nike represents a new paradigm in the structure of our global merchandising business,” says NBA Commissioner Adam Silver. “As our exclusive on-court apparel provider, Nike will be instrumental in our collective efforts to grow the game globally while applying the latest in technology to the design of our uniforms and on-court products.”

Previously, the NBA’s apparel contract was with adidas, however the entities decided not to pursue an extension on their contract earlier this year with adidas citing that the previous deal was not as lucrative as it had hoped.

Nike was thought to have been competing with Under Armour for the deal, though it would appear the $1 billion price tag over eight years was too steep a price for the latter.

“We’re excited to bring the full power of our global reach, innovation and creativity to partner with the NBA and grow the game in a way only Nike can,” says Nike President and CEO Mark Parker.

For more information, visit nike.com. — J.B.