Basketball prodigy nets a fortune

Rags to riches for LeBron James

Sports sponsorship in the United States has hit new heights with an 18-year-old high school basketball star netting a $90m deal with Nike.

The deal with LeBron James is almost twice the amount paid to veteran basketball star Michael Jordan.

And it is the second biggest sports sponsorship deal ever - only golfing legend Tiger Woods receives more.

James - a towering 6 ft 8 in (2.03 metres) - was raised in poverty in Akron, Ohio, and has yet to play his first professional game.

He finishes high school next month before striding into a seven-year deal with the footwear and clothing company, and a place on the Cleveland Cavaliers team.

Big gamble

Announcing the agreement, Nike referred to LeBron's work ethic on the court and passion for the game, as well as his extraordinary basketball ability.

The company is said to be searching for a star who will resonate with teenagers the way former Chicago Bulls star Michael Jordan did.

It already has its deal with Tiger Woods, but golf is seen as appealing to a narrower audience than basketball.

LeBron has attracted enormous attention nationwide, but many involved in the game are astonished at the amount of money being invested.

"That's a gigantic gamble," said Jack Trout, president of Trout and Partners, a marketing strategy firm.

"It's a dicey deal with a high school player because you are really buying an immature person."

LeBron could be popular with a younger market that has shunned mainstream brands like Nike, branding experts said.

"LeBron is an untested commodity, but he's a schoolboy legend and he's cool with the kids that are the big growth market," said David Martin, president of consulting veteran firm Interbrands.