NEW YORK — Sporting goods giant Nike reached an eight-year deal Wednesday to become the exclusive on-court apparel provider for the NBA. The contract takes effect in the 2017-2018 season, replacing a deal between the National Basketball Association and Adidas, which expires after the 2016-2017 season. Nike has targeted basketball as a major growth business due in part to surging interest in the sport in major emerging economies, especially China. In 2014, Nike's revenues from basketball rose 19 percent to $3.1 billion, about 11 percent of total sales. Nike already sponsors many leading basketball stars, including LeBron James. In after-hours trade, Nike shares rose 0.8 percen to $104.19. — AP
