In a deal set to close in December, Nike has entered into a definitive agreement to sell its Starter brand to consumer brand company Iconix Brand Group for $60 million cash. 

Chairman and CEO of Iconix, Neil Cole, stated, “We believe Starter has the potential to become one of the largest athletic apparel and footwear brands in the world. To help reach that potential, we are working on a multi-faceted strategy, including signing some major professional sports figures and growing our team sports business which is Starter's heritage."

Founded in 1971, Starter is currently licensed to several manufacturer and wholesalers selling primarily to Wal-Mart in the United States, Canada and Mexico.

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