NIKE's $15.5 billion portfolio of athlete and league endorsement contracts represents a locked-in moat that competitors cannot quickly replicate. These multi-year commitments to elite athletes, teams and leagues create sustained brand association that would require years and billions of dollars for any challenger to approach, providing durable competitive separation in performance footwear and apparel.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s