Patrick Mahomes, Chiefs ink richest contract in sports history
Mahomes led the Chiefs to victory in Super Bowl LIV last February
The Kansas City Chiefs and star quarterback Patrick Mahomes agreed Monday to a long-term contract extension that ranks as the richest deal in sports history, according to a report.
With the new deal, Mahomes, 24, is under contract with the Chiefs through the end of the 2031 season. The deal is worth $503 million, according to multiple reports.
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"This is a significant moment for our franchise and for the Chiefs Kingdom," Chiefs Chairman and CEO Clark Hunt said. "Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports. With his dynamic play and infectious personality, he is one of the most recognized and beloved figures to put on the Chiefs uniform. He's an extraordinary leader and a credit to the Kansas City community, and I'm delighted that he will be a member of the Chiefs for many years to come."
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The 10-year contract extension adds to the two years remaining on Mahomes’ existing contract with the team. The Chiefs selected him in the first round of the 2017 NFL Draft.
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Mahomes led the Chiefs to victory in Super Bowl LIV last February. He earned the NFL Most Valuable Player honor in 2018.
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MLB superstar Mike Trout of the Los Angeles Angels held the previous record for richest deal in U.S. sports. In 2019, Trout signed a contract extension worth $426.5 million.
Seattle Seahawks quarterback Russell Wilson held the previous record for the richest NFL contract by average annual value. Wilson's four-year, $140 million extension with the franchise in 2019 has an average annual value of $35 million.
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This story has been updated.