Baron Davis, Master P in negotiations to acquire Reebok
Two-time NBA All-Star Baron Davis and hip-hop mogul Percy "Master P" Miller are in talks to become the new owners of Reebok.
The cost to acquire Reebok from its parent company, Adidas, could be around $2.4 billion, according to Kori Hale of Forbes.
"I think Reebok is being undervalued," Davis said. "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."
Miller told ESPN's Eric Woodyard that he and Davis are "prepared financially" to purchase Reebok after a couple months of negotiations.
"These companies have been benefiting off us, this could be history for this company going Black-owned," Miller said.
Miller's vision for the future of Reebok includes elevating the status of Philadelphia 76ers legend Allen Iverson, whom the brand signed to a lifetime deal in 2001.
"Crown Allen Iverson and give him his righteous icon status for being probably the most elite athlete wearing Reebok," Miller said. "Allen Iverson is Jordan for Reebok. Nobody never gave him the royalties or ownership as the icon for the brand."
Adidas purchased Reebok in 2005 for $3.8 billion but wrote down the brand's book value to $995 million last year.