Why On Outbid Nike Without Money

Nike offered Kylian Mbappé more than €20m a year for ten years, according to L'Équipe, and he turned it down. He signed with On, a Swiss running brand whose first football boot is not due until 2027, in a deal the company says includes both cash and equity. The episode follows the money through Roger Federer's stake in On, Michael Jordan's royalty and one line in Nike's own annual report.