Sneaker company adidas is reportedly ready to unload Reebok, and a successful rapper / entrepreneur and former NBA player might be ready to purchase the sports brand.
According to ESPN NBA reporter Eric Woodyard, the legendary Reebok, could soon be in the hands of hip-hop-own Percy Miller, better known as No Limits Master P, and former NBA and Big3 basketball player and businessman, Baron Davis.
Percy “Master P” Miller confirms to ESPN that he is negotiating the acquisition of Reebok with ex-NBA security guard Baron Davis.
“These companies have benefited from us, this could be history for this black-owned company,” Miller told ESPN.
– Eric Woodyard (@E_Woodyard) December 28, 2020
According to Forbes, the price of Reebok at parent company Adidas is around $ 2.4 billion. Master P says that after a few months of negotiations, they are “financially prepared”.
Miller: Imagine if Michael Jordan owned Reebok? That’s what I’m talking about, making history. “
– Eric Woodyard (@E_Woodyard) December 28, 2020
Master P shares Reebok’s vision: “Crown @alleniverson and give him his fair symbol status because he is likely the elite athlete to wear Reebok. Allen Iverson is Jordan for Reebok. Nobody gave him the royalties or property to symbolize the brand. “
– Eric Woodyard (@E_Woodyard) December 29, 2020
Just two weeks ago, adidas announced that Reebok’s place in its corporate structure was being reassessed.
“As part of the development of its new five-year strategy, adidas has started exploring strategic alternatives for Reebok. These strategic alternatives include both a potential sale of Reebok and Reebok’s continued existence as part of the company. A decision will be announced on March 10, 2021 when the company’s new strategy is officially launched. “In 2006 adidas took over Reebok. Due to the successful implementation of the “Muscle Up” turnaround plan launched in 2016, the brand returned to profitability in 2018, two years earlier than originally planned. In 2019, Reebok saw global sales increase due to double-digit growth in North America.