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Nike
Acquired
Nike Inventing Paid Athlete Endorsements for Marketing
An American runner named Pre held every American record for distances between 2000 and 10,000 meters and was unable to take paid endorsements due to athletic association rules. Nike founder Bill Knight sidestepped this by employing Pre as a corporate employee for $5,000 a year with no responsibilities, essentially allowing him to continue running while receiving financial support. This move reflected Nike's stance in favor of athletes and its willingness to break the rules for the right outcome. It also marked the early stages of sports marketing, as it essentially pioneered athlete sponsorship and redefined the concept of athletic brands being associated with athletes. Additionally, Knight's creation of the futures program further demonstrated his innovative approach to marketing.
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