The NBA and WNBA renew their uniform partnership with Nike, while the NFL begins its bidding process to competitors.

• The NBA and WNBA have renewed their partnership with Nike for another 12 years, making Nike the exclusive uniform provider for both leagues.
• The sneaker giant, which designs uniforms for the MLB and NFL, has strengthened its relationship with one of its key allies as it faces declining sales and seeks to retain its contract with the NFL.
• The NBA's previous contract with Nike was worth $1 billion, and its latest contract is "significantly larger," a source close to the matter revealed to CNBC.

The National Basketball Association and Women's National Basketball Association have renewed their partnership with the sneaker giant for another 12 years, making it the exclusive uniform and apparel provider for both leagues.

Nike will serve as the leagues' global partner for outfitting, merchandising, marketing, and content until 2037. The company will also be responsible for designing and producing uniforms, on-court apparel, and fan merchandise.

The 2017-18 NBA season saw Nike's first deal with basketball leagues, worth $1 billion, which featured its logo on NBA and WNBA jerseys. The source close to the deal stated that Nike's renewal with the leagues is expected to be "much bigger" than the previous contract.

Despite being the largest athletic apparel company globally, Nike has recently had to work harder to maintain its critical partnerships with professional sports leagues and athletes. This is especially true as the company renews its contract with the NBA, and new CEO Elliott Hill aims to regain market share lost in recent years.

The National Football League and Major League Baseball have been using Nike uniforms, but the company's declining sales and criticism about its lack of innovation have affected those relationships.

The NFL's contract with Nike will expire after the 2027 season, and the league is currently in talks with multiple companies interested in replacing Nike as its official apparel supplier, according to a source.

Despite Nike's contract with the MLB not expiring until 2029, the company will need to mend its relationship with the league after introducing new uniforms earlier this year that sparked criticism from players and fans due to their transparency, ill-fitting, and unprofessional appearance, as reported by ESPN.

Although Nike has recently faced challenges, the NBA stated that it has no worries about maintaining its collaboration with the apparel brand.

"Nike has been a partner of the NBA for over 30 years and we have complete confidence in their long-term global success, according to Sal LaRocca, the NBA's president of global partnerships."

The league did not open the process for other bidders because the partnership with LaRocca has been so strong.

LaRocca defended Nike when questioned about the MLB fiasco, stating that such problems are inherent in the industry.

LaRocca stated that any company that constantly strives to innovate and exceed expectations may encounter unforeseen consequences.

Nike's basketball uniforms have not faced significant criticism. LaRocca stated, "fresh new products will be regularly released by them."

Since 1992, Nike has been in a marketing partnership with the NBA and since 1997, it has also partnered with the WNBA. The brand endorses many of the leagues' top players, including LeBron James, Kevin Durant, Caitlin Clark, and Sabrina Ionescu.

Nike's stock has dropped 24% this year, underperforming both competitors and the S&P 500, which has gained 23%. On Running and , two companies that have been taking market share from Nike, have experienced growth of 79% and 43%, respectively.

On average, Nike has outperformed the S&P 500 by 8%.