Adidas bought Reebok in 2005 in an attempt to compete with Nike in the US, but expectations were not met. Now, they’re looking to sell. The sportswear brand has a pair of serious potential buyers in rapper and businessman Percy Miller (aka Master P) and former NBA all-star Baron Davis, Forbes reports.
Adidas scooped up Reebok for $3.8 billion fifteen years ago, but last year, Adidas declared Reebok’s book value had fallen to $995 million. Now it appears the asking price to sell will be around $2.4 billion, and Miller and Davis are apparently in talks to make a deal happen.
Miller said of Reebok, “As we focus on turning Reebok into a lifestyle brand — not just a basketball brand — our most important initiative will be to put money back into the community that built this company.” Davis also noted of the brand, “I think Reebok is being undervalued. I left Nike as a 22-year-old kid representing myself and made the jump to Reebok, which took a chance on me as a creative and as an athlete. I want the people I know athletes, influencers, designers, celebs to sit at the table with me.”
It’s not yet clear how negotiations have gone so far and whether or not this deal is closer to reality than it is to dream. If it does come to fruition, though, it would be a significant addition to Miller’s already stacked business portfolio.