Cover Steph Curry signs with Li-Ning (Photo: Getty images)
Steph Curry signs with Li-Ning (Photo: Getty images)
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For more than a decade, Golden State Warriors star Steph Curry and Under Armour were inseparable; now, one of the most successful athlete-brand partnerships in modern sport is over
When Steph Curry became a sneaker free agent after his long-running relationship with Under Armour ended, most observers assumed he would remain within basketball’s familiar ecosystem of Nike, Adidas or another established, western sportswear giant. But the four-time NBA champion took a different path.
On June 1, ESPN’s Shams Charania reported that Curry had agreed to a landmark ten-year partnership with Chinese sportswear company Li-Ning, a deal reportedly worth more than US$400 million and encompassing basketball footwear, athleisure, a dedicated golf line and the continued expansion of Curry Brand, Curry’s basketball performance footwear and apparel brand. Plans are also in place to launch Curry Brand stores in both China and the United States, signalling ambitions that extend well beyond his playing career.
Shortly after the announcement, Curry described Li-Ning as “the partnership of a lifetime” and said he shared the brand founder Li Ning’s ambition to build an athlete-led company that could leave a lasting mark beyond sport. Every blockbuster deal creates winners and losers, and Curry’s move to Li-Ning is no exception. Here’s a breakdown.
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Winner: Li-Ning
When Dwyane Wade, best known for his time with Miami Heat, moved from Nike to Li-Ning in 2012, he helped establish the successful Way of Wade line, a signature basketball shoes and apparel brand. He also proved that an Asian sportswear company could build a legitimate athlete-led basketball brand. Curry’s move in 2026 represents an entirely different opportunity: Wade gave Li-Ning credibility among basketball purists; Curry gives it global reach.
Few active athletes are as recognisable as the Golden State Warriors superstar. He could have taken a familiar path, with a brand like Nike, Adidas, Puma and New Balance; his endorsement of Li-Ning will elevate the brand’s appeal and recognition more in line with those companies. For a company that has spent years seeking greater international recognition, Curry’s signature may be its most powerful marketing campaign yet.
Loser: Under Armour
For more than a decade, Curry and Under Armour grew up together. When Curry joined the brand in 2013, he was a promising young guard with a history of ankle injuries. By the time the partnership ended, he was a four-time NBA champion, two-time MVP and one of the most influential athletes in the world.
Curry helped transform Under Armour into a legitimate player in basketball. In many ways, he was Under Armour Basketball.
The move represents the loss of an athlete around whom the company’s identity in a particular sport was built. According to an article from Front Office Sports, a news organisation centred around the business of sports, Curry envisioned a brand that would eventually have its own stores and sign athletes under its banner—ambitions that Under Armour never fully realised.
Viewed through that lens, Curry’s move to Li-Ning feels less like the end of a sponsorship and more like the end of a shared journey. Under Armour helped build Curry into a global icon, but when it came time to take the next step, it is Li-Ning that has offered him an actual platform to do so.
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Winner: Steph Curry
The biggest winner may be Curry himself. Alongside plans for Curry Brand stores in China and the United States, the agreement reportedly gives him the ability to recruit and sign athletes under his own banner. In other words, Curry is no longer just endorsing products—he is helping shape the next generation of talent.
At 38, Curry appears to be thinking beyond basketball. Rather than focusing primarily on selling products, his announcement repeatedly emphasised the future of Curry Brand. He is building an empire.
Curry may be famous for his “night night” celebration when he seals a game; with this deal, he will be the one sleeping soundly for years to come.
Loser: Nike—twice
Long before becoming general manager of the Dallas Mavericks, Nico Harrison worked at Nike and was part of the company’s efforts to recruit Steph Curry in 2013. The now-famous pitch reportedly included a presentation that mistakenly referenced Kevin Durant and mispronounced Curry’s mother’s name—missteps that helped open the door for Under Armour to slip in and sign the future NBA superstar. More than a decade later, when Curry once again became available, Nike could have opened negotiations; but yet again, the brand was left watching from the sidelines.
To be fair, this is not the same situation. Curry’s decision to join Li-Ning now appears to have been driven by the opportunity to expand Curry Brand, launch dedicated retail stores and sign athletes under his own banner. Yet the symbolism remains striking. The athlete Nike failed to land in his prime has now chosen a Chinese challenger over the sportswear giant that once overlooked him.
While there are clear winners and losers in this deal, focusing on them risks missing the bigger story. Championships built Curry’s basketball legacy—this deal could determine what that legacy looks like long after he stops playing. If Curry succeeds in building the athlete-led company he envisions—one that spans basketball, golf and lifestyle—Li-Ning’s greatest victory may not be signing a superstar, but helping create the next great athlete brand.
