Under Armour lost nearly $600 million of its value as a…

4 years ago via ESPN
Under Armour lost nearly $600 million of its value as a company Friday, as its stock plummeted by more than 4 percent after the CEO of a major footwear retailer said the latest version of its Steph Curry shoe wasn’t doing as well as expected. Foot Locker CEO Dick Johnson said the Curry 3 “started off a bit slower than the previous models,” causing a sell-off in the stock market.

More on Stephen Curry Free Agency

The shoe faces two challenges: The first is its price. Under Armour raised the price of the Curry 3 to $140 a pair. That's an increase of $20 from the Curry 1 and $10 from the Curry 2. Second, when he plays, Curry wears a shoe with a higher profile in order to protect his ankle. Nearly 80 percent of the people who wear basketball shoes do so for fashion, and lower-profile shoes are more popular.
One wrinkle in the current proposed deal, according to sources familiar with it: Cap holds attached to free agents coming off rookie contracts could jump to 250 and 300 percent of their prior salaries, up from 200 and 250 percent, to prevent teams from arranging wink-wink deals as San Antonio and Detroit did with Kawhi Leonard and Andre Drummond, respectively: "Hang in free agency as a cheapo cap hold, and we'll sign everyone else first." That extra few million matters for teams scrounging max cap space. As of now, cap holds attached to players with more experience would stay the same, per league sources. That could change, of course. But the status quo would be huge for Golden State, which is counting on Stephen Curry's under-market cap hold -- $18 million, way below his $30-million-plus max salary -- to fit Kevin Durant, Andre Iguodala, and Shaun Livingston.
The longstanding estimate for a Curry max used to be a five-year deal in the $175 million range. Yet the recent dip in the league’s projections for the 2017-18 salary cap -- teams were notified in July of a forecasted drop from $108 million to $102 million –- means that $165 million over five years is the proper estimate as we speak. We arrived at that figure in consultation with ESPN cap maven Larry Coon, who projects Steph’s 2017-18 max to come in at a shade under $28.8 million as a player with seven to nine seasons of service time.
Curry, who is in the final year of a four-year, $44 million deal, will once again be the fifth-highest paid player on the team. That's something he said he's at peace with. "I told myself, when I made the decision to sign for what I did back in the day, that I'm blessed to take care of my family for what it was," Curry said. "And there would probably be a situation, if I played the way I was supposed to coming off that contract, that I could be underpaid or whatever. But at the end of the day, it would all come around and we won the championship and good things happened."
Ric Bucher: I think the Spurs are looking at the fact that Kevin Durant came into Golden State and that Kevin Durant may take up some of the superstar space that was previously occupied by Steph Curry... and when Steph Curry becomes a free agent, I think they are going to go hard at Steph Curry.
2. Curry’s new contract would not run nearly as long as if he waits one year for free agency. A renegotiated extension can only be for a maximum of four seasons, and the renegotiated season counts, so a Curry contract this summer would go through the 2019-20 season while a five-year contract as a free agent next summer could give him security until 2021-22. Waiting also likely gives Curry a higher salary per season since the cap will rise again next year — especially if, as expected, the value of maximum contracts is increased in the 2017 labor renegotiations.
Curry again stated his desire to stay with the Warriors in a video posted on his Facebook page (scroll ahead to the 2:33 mark). Asked if he ever thought he’d leave Golden State, Curry said, “Hopefully not. Hopefully everything works out and I can finish my career here. I’ve probably got like 10 good years left.”
Stephen Curry plans to stay with the Warriors long term and isn’t interested in free agency after the 2016-17 season, the league MVP told Sporting News. “As I am thinking right now, free agency isn’t really appealing to me because I love where I’m at, love the organization I’m playing for, and the Bay Area is home for me and my family,” Curry said. Curry becomes an unrestricted free agent in the summer of 2017 unless he works out an extension with Golden State before then. He remains an absolute bargain for the champion Warriors after signing a four-year, $44 million deal in October 2012 that will pay him $11.3 million this upcoming 2015-16 season and $12.1 million in 2016-17.
Storyline: Stephen Curry Free Agency
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November 27, 2020 | 6:08 pm EST Update
Former Arkansas star and Fort Smith native Isaiah Joe signed a three-year contract with the Philadelphia 76ers totaling nearly $4.2 million with a 2-year guarantee on Friday, just nine days after the club selected Joe with the 49th pick in the second round of the 2020 NBA Draft. The two-year guarantee is on the front end of the deal and is worth more than $2.4 million, with the total potential three-year compensation working out to $4,198,912.
The news of Facu Campazzo’s move to the NBA only confirms that the growing bond between European teams and the NBA can significantly bolster the first financially, especially in such times of crisis. Campazzo’s $6M buy-out clause adds up to a total of $13M earnings for Real Madrid in the past six years, as they bid farewell to multiple players who took the leap to the NBA.
November 27, 2020 | 5:37 pm EST Update
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