As adidas remains on the hunt for a buyer to take control of Reebok, names of potential suitors continue to trickle in. The latest reports point to the possibility of Master P and Baron Davis purchasing the sportswear brand.
According to Forbes, Master P, real name Percy Miller, and Davis, a former NBA star, are part of a group aiming to acquire Reebok. The publication adds that the asking price could be around $2.4 billion.
Miller and Davis have confirmed their interest in the athletic brand, as they hope to create a new identity for the company.
“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.”
In recent years, shoe companies have transitioned from not only signing professional athletes but also entertainers. Reebok was actually one of the first brands to partner with rappers on shoe deals, having signed JAY-Z in 2003. Now, the company is represented by the likes of Cardi B and Kendrick Lamar, as cultural endorsers have made shoe brands highly profitable.
By purchasing Reebok, Miller and Davis hope to involve more underrepresented individuals and give back to the community.
“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,” said Miller.
COO of Baron Davis Enterprises, Vy Le, added, “We want this to be a community effort, that sets up the next generation of leaders for success.”
Bloomberg has reported that adidas will make a decision regarding the potential sale of Reebok in the coming months. The German sportswear brand bought the fellow athletic label in 2005, but following attempts to rejuvenate Reebok over the past few yers, it appears the brand with the Three Stripes has decided it’s time to cut its losses.
Be sure to check back with us as we’ll be bringing you updates on adidas’ situation with Reebok.
Went from doing million dollar deals, to billion dollar deals! #Godisgood Took a page out of Reginald Lewis’ book, buying major companies to put money back in our communities and to give our people opportunities. This is only the beginning!
— MASTER P (@MasterPMiller) December 29, 2020