Adidas is reportedly seeking to unload Reebok for an asking price of $2.4 billion, and former NBA All-Star Baron Davis and Hip-Hop mogul Master P are looking to team up to purchase the famed sportswear brand.
Master P confirmed the news to ESPN reporter Eric Woodyard, saying in a statement: “These companies have been benefiting off us, this could be history for this company going Black-owned.”
Master P is the stage name of Percy Robert Miller, a 53-year-old rapper, actor, producer, entrepreneur and overall mogul whose net worth is said to be over $200 million.
Baron Davis, 41, is a retired former professional basketball player who played 15 seasons for various teams, including the Charlotte Hornets, the New Orleans Hornets, the Golden State Warriors, the L.A. Clippers, the Cleveland Cavaliers and the NY Knicks.
Davis is also a two-time NBA All-Star, and his net worth is reported to be around $60 million. He currently works as a studio analyst for Turner Network Television’s NBA coverage.
Master P also said in his statement that he and Davis are “prepared financially” after two months of talks with Adidas.
“Imagine if Michael Jordan owned Reebok? That’s what I’m talking about making history,” he said.
According to Forbes, Reebok's asking price from it's parent company Adidas is around $2.4 billion. Master P says they're "prepared financially" after a couple months of negotiations.
Miller: "Imagine if Michael Jordan owned Reebok? That's what I'm talking about making history."
— Eric Woodyard (@E_Woodyard) December 28, 2020
Adidas bought Reebok in 2005 for $3.8 billion in hopes of rivaling Nike in sales, but things didn’t go as planned.
In 2019, Adidas wrote down Reebok’s book value to $995 million, but after having a more successful 2020, Adidas is seeking to sell off the brand for $2.4 billion.
“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,” Davis told Forbes.
Master P added: “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.”