Free-agent wide receiver Odell Beckham Jr. has filed suit against Nike over the last endorsement contract he signed with the company, according to TMZ Sports.
Nick DePaula of Nice Kicks reported in 2017 that Beckham re-signed with Nike after the company exercised a clause that allowed it to match Adidas' offer. The five-year pact was worth at least $29 million.
However, Beckham is contending in his suit the way the contract "was structured made it nearly impossible for him to trigger very valuable extensions of the deal," per TMZ Sports. He's alleging he lost out on more than $20 million.
Beckham said in a statement to TMZ Sports that Nike "did not honor its commitments."
"Throughout our partnership, I have kept my promise and fulfilled my obligations to the brand," he said. "I am extremely disappointed that I've had to take these measures to ensure Nike fulfills their obligations and promises."
Complex's Brendan Dunne shared some of the details from the contract:
Per Dunne, the three-time Pro Bowler said in his lawsuit that Adidas was willing to pay up to $47 million guaranteed. His annual salary would've ranged from $3.2 million to $4.2 million.
Beckham argues in the suit that "Nike is refusing to honor the deal it agreed to."
"Rather than continuing to pay the compensation and guaranteed royalties it is contractually obligated to pay Mr. Beckham, Nike is willfully withholding millions of dollars and inventing excuses not to pay him," the suit states, per Dunne.
Nike signed Beckham in 2014 as he was entering the NFL as a first-round draft pick of the New York Giants. It was a great investment out of the gate as the 5'11" pass-catcher had 4,122 receiving yards and 35 touchdowns through his first three seasons.
In a sign of his broad popularity, Beckham was the cover star for Madden NFL 16.
Thanks in large part to a series of injuries, the 30-year-old's star has faded. He missed nine games in 2020 and hasn't made his 2022 debut as he recovers from a torn ACL, the second of his career.
ESPN's Adam Schefter reported Saturday that Beckham is hopeful of signing with a team by the end of November. Schefter listed the Dallas Cowboys, Buffalo Bills, Kansas City Chiefs, New York Giants and San Francisco 49ers as possible landing spots.