The Grio reports that Hip-Hop mogul Percy “Master P” Miller and former NBA star Baron Davis are negotiating to buy Reebok from its parent company, Adidas, for $2.4 billion.
If it all works out, it will turn Reebok into the first Black-owned major sneaker brand.
“These companies have been benefiting off us, this could be history for this company going Black-owned,” Master P told ESPN.
“As we focus on turning Reebok into a lifestyle brand, not just a basketball brand,” said Miller said in Forbes, “our most important initiative will be to put money back into the community that built this company.”
Adidas announced on December 14 it could potentially put the struggling shoe business up for sale, a “strategic alternative” for Reebok.
Sources: Adidas, The Grio, ESPN, Forbes, Rap-Up, The Root, Smart News, The New York Times, TMZ