Hip-Hop legend Percy “Master P” Miller and former NBA star Baron Davis are in talks to buy Reebok. According to reports, the pair have offered to buy the struggling sneaker brand from Adidas for $2.4 billion.
If the deal goes through, Reebok will become the first Black-owned major sneaker brand.
In a statement to Forbes, Miller explained that he hopes to turn Reebok into a lifestyle brand. He also hopes to give black-owned shoe and apparel brands a chance to be distributed by Reebok.
“Our most important initiative will be to put money back into the community that built this company,” Miller said.
Although the market for resale sneakers and streetwear in North America is projected to reach $6 billion by 2025, Reebok has struggled to compete. The company was purchased by Nike competitor, Adidas in 2005. The acquisition, however, did little to improve its revenue outlook. In December, Adidas announced that it may seek to sell Reebok as “strategic alternative.”
Despite Reebok’s lackluster performance, Davis said that he believes that consumers should take the shoe brand more seriously.
“I think Reebok is being undervalued,” David said. “I left Nike as a 22 year old kid representing myself and made the jump to Reebok, which took a chance on me as a creative and as an athlete. I want the people I know athletes, influencers, designers, celebs to sit at the table with me.”
Adidas has declined to comment directly on the sale.