Serena Williams Signs $55 Million Nike Sponsorship Deal

Serena Williams last week signed a five-year endorsement contract with Nike that includes the option of another three years. The deal could add up to a reported $55 million.

If the six-time Grand Slam champion meets performance-related bonuses over the full eight years, she could net close to the $55 million, according to reports. The contract includes royalties and performance bonuses for winning Grand Slam tournaments and reaching No. 1 in the rankings.

Nike had yet to determine the scope of Williams' sponsorship activities but will take input from the 21-year old tennis star on performance and active lifestyle products, including footwear, apparel and equipment, Dave Mingey, a Nike spokesperson said.

Williams' contract with Puma expired earlier this year.