NFL quarterback Patrick Mahomes has been described as “the first half billion dollar player” after agreeing a contract extension with the Kansas City Chiefs.
Mahomes tweeted “here to stay” following the announcement of the deal which is reported to be worth up to $503m (£403m).
Steinberg Sports, the agency which represents him, posted on Twitter: “Congrats to @PatrickMahomes on agreeing to terms on a 10-year extension worth $503 Million.
“He gets $477m (£382m) in guarantee mechanisms and ability to have outs if guarantee mechanisms aren’t exercised. No trade clause. First half billion dollar player in sports history. History made.”
The deal, which runs to 2031, is worth $450m (£360m) over the 10-year period and could be worth up to $503m, league sources told the sports news service ESPN.
The first three years of the contract are fully guaranteed with Mahomes making $63m (£50m) when he signs the contract and $103.5m (£83m) by March 2021, according to ESPN.
The report added the deal is the richest contract in the history of North American team sports and includes an injury guarantee of $140m (£112m).
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Mahomes, 24, was the NFL’s Most Valuable Player in 2018 and guided the Chiefs to a Super Bowl championship last season.
The Chief’s CEO Clark Hunt had said the quarterback would be with the team long-term prior to the monumental win in February.
Congrats to @PatrickMahomes on agreeing to terms on a 10-year extension worth $503 Million. He gets $477M in guarantee mechanisms and ability to have outs if guarantee mechanisms aren’t exercised. No trade clause. First half billion dollar player in sports history. History made. pic.twitter.com/beSGN4jyej
— Steinberg Sports (@SteinbergSports) July 6, 2020
Mr Hunt said before the Super Bowl: “There will be a right time sometime in the next 12 to 15 months to extend Patrick, and when I say right time, I mean right time for both the player and the club.
“I don’t want to say necessarily it has to be this off-season, but I will say that it’s a priority to get him done. I hope Patrick is here for his entire career, and that’s going to be our goal.”
The extension means Mahomes will play for the team for another 12 seasons and will earn at least $477m (£382m).
This surpasses the 12-year $426.5m (£341m) contract signed by Los Angeles Angels outfielder Mike Trout in March of 2019.
Mahomes has a 24-7 record in his first 31 games with the Chiefs and has completed 76 passes which have led to a touchdown.
The NFL’s highest-paid quarterback had been Russell Wilson of the Seattle Seahawks, who signed a four-year $140m (£112m) deal in April 2019 for an annual average value of $35m (£28m).
Forbes ranked tennis star Roger Federer as the world’s highest paid athlete, with yearly earnings of $106.3m (£85m) through a mix of winnings and endorsements.
Portuguese footballer Cristiano Ronaldo is in second place, with earnings of $105m (£84m) through a mix of his salary and endorsements.
Ronaldo signed a four-year deal with an annual salary of €30m (£27.5m) with Juventus in 2018, Bloomberg reports.