How Under Armour signed Stephen Curry away from Nike

In 2013, Stephen Curry shocked the sneaker world by signing with then-upstart athletic company Under Armour over basketball powerhouse Nike.

At the time, Nike controlled the vast majority of the NBA sneaker market. Under Armour was virtually unheard of in the basketball space.

"We're the underdog brand. We're for the ones that were maybe born not big enough or tall enough or fast enough, or strong enough, or smart enough or clever enough," said Under Armour founder and CEO Kevin Plank.

CNBC Sport's documentary "Curry Inc.: The Business of Stephen Curry" will premiere on CNBC on Wednesday, June 4, at 9 p.m. ET.

The deal was considered a defining moment in Curry's business career, and it got done in part thanks to Curry's locker mate at the Golden State Warriors, Kent Bazemore.

Plank wanted Curry to be the brand's first big star. But he knew that to sign someone of Curry's caliber, the company needed to think outside the box.

"We actually targeted Ken, and we just said we're going to overwhelm Ken with more like shock and awe of product, service, story, love, hug," Plank said in an interview for "Curry Inc.," a CNBC Sport production centered on Curry's career and business ambitions. "About three months into the Warriors' season, and Curry is looking next door at Ken. He's like, 'Who's this brand that you get all this attention of? Because I'm with Nike, and I really am not.'"

It wasn't just Bazemore's influence that landed Curry at Under Armour.

There was also a botched Nike presentation in which company executives mispronounced his first name and used a recycled slide deck that still had Kevin Durant's name on it. Plus, Under Armour offered Curry a deal worth $4 million a year, while Nike offered $2.5 million — and declined to match.

Today, 12 years later, Curry has made a dozen different shoes for Baltimore-based Under Armour and has developed a line of signature products that includes footwear and apparel. In 2023, the brand signed a new long-term extension and made Curry the president of the newly formed Curry Brand, housed under the company's banner.

As part of that deal, the 11-time NBA All-Star was given 8.8 million Under Armour common shares, valued at $75 million at the time, in addition to other awards and incentives.

While Curry has profited handsomely from his success at Under Armour, the brand has had its share of ups and downs. Changes in leadership, strategy and competition have led to dramatic declines in Under Armour's common stock price from an all-time high of $45.41 in 2016 to its current price of less than $6 per share.

Some speculate the turmoil has hindered Curry's off-court prospects.

"In all honesty, if he would have stayed with Nike, his business would be a monster right now. A monster," said Nico Harrison, general manager of the Dallas Mavericks who was Nike's sports marketing director from 2002-2021, during a 2022 interview.

Curry told CNBC that his relationship with Under Armour changed the way he thought about his off-court business.

"It was the first time I really took an equity position in the company, and then you started to understand how every decision that you make and how you leverage not just the brand of me, but all the resources and opportunities I have around me to create value," he said.

Curry also said Under Armour's underdog message resonated with him. Curry, at just 6-foot-2 and 185 pounds, isn't the typical size of an NBA superstar.

"The NBA was a goal, but I wasn't like plotting my way to get there," Curry said. "I was just enjoying every step of the way."

He has carried over the same mentality to his other businesses with a mantra of "elevate the under."

As part of his contract with Under Armour, a portion of the Curry Brand's yearly revenue is invested in under-resourced communities, such as Oakland, California. Curry became connected to Oakland after moving there when he first became a Warrior in 2009. 

During NBA All-Star Weekend in February, Curry and Under Armour celebrated their 20th court refurbishment at Oakland's McClymonds High School. The school received NBA-grade hardwood floors, new hoops, backboards and scoreboards.

Under Armour says the Curry Brand has trained 15,000 coaches, supported 125 basketball programs and had an impact on 300,000 kids around the world.

Curry has also helped pave the way for minorities in golf through his Underrated Golf Tour. Sponsors like Under Armour fund a series of regional tournaments to boost junior golfers of color.

"The way that I tried to be a trailblazer on the court, we want to do the exact same thing … leveraging that impact when it comes to what it does for the community," Curry said.