Austin Reaves and Michael Jordan suddenly have more in common than most basketball fans might realize. Like MJ, Reaves has opted to bet on himself by signing a signature shoe deal that includes stock options in Rigorer, a private sporting goods retailer.
According to Nick DePaula of Boardroom, Reaves’ new equity extension with Rigorer is worth upwards of seven figures, meaning the deal could be worth over $10 million.
Reaves To Receive Rigorer Shares In Each Year Of New Deal
As part of the contract extension, Reaves will be able to continue to build his signature AR series with the brand and will become an equity partner in the company.
Every year, Reaves will claim an undisclosed amount of shares in Rigorer, allowing him to build substantial equity in the company. In addition to company shares, Reaves will earn royalties from every sale of his signature product.
“I’m proud to continue this partnership with Rigorer,” said Reaves after signing his new deal. “The team is incredible, and we’ve developed a signature shoe that I’m proud to put my name on, representing both high performance and accessibility. The team has welcomed me like family and I will always appreciate them for believing in me at this early stage of my career.”
Reaves signed his initial shoe deal with Rigorer towards the end of the 2021-22 season, becoming the first NBA athlete to sign with the Chinese shoe brand. At the time, the signing didn’t seem like a marquee moment for either Reaves or the brand, as the announcement took place in a local L.A. gymnasium.
Reaves’ Ascent Plays Major Role In New Rigorer Deal
Since breaking through as an undrafted free agent, Reaves has become a mainstay in the Lakers rotation. He’s emerged as an all-around playmaker and was a key contributor on the Team USA roster for the FIBA World Cup. Reaves’ breakthrough led to him launching his signature shoe amid fan frenzy at an event in the Philippines.
So far this season, the 25-year-old is averaging 14.0 points, 4.7 rebounds, and 4.6 assists per game, good for career-high marks across the board. However, Reaves’ efficiency has taken a hit after taking on more of a shot-creation role on offense.
Through 22 games (eight starts), Reaves has shot 46.3 percent from the field and 31.9 percent from 3-point range. Both marks are down considerably from last season when he shot a career-best 52.9 percent from the floor and 39.8 percent from beyond the arc.