• USA Today/AP, Thursday, February 14, 2008 1 PM

In a deal that will be formally announced at a playground ribbon-cutting today in New Orleans, State Farm insurance is signing LeBron James--the Cleveland Cavaliers' 23-year-old All-Star forward--to a sponsorship agreement. Terms are not known.

James will dedicate a new playground at the St. Bernard Recreation Center, which was devastated by Hurricane Katrina and rebuilt in 2006. State Farm sponsored the project, the first installation of a national initiative by James' family foundation. James has been a State Farm customer since 2004. "We share many of the same goals and values," he says, "especially when it comes to improving the lives of people across the country."

State Farm hopes that its relationship with James will attract young people to its brand and products--particularly its auto and renters insurance, according to Pam El, State Farm's vp of marketing. James also has deals with Nike, Coca-Cola, Microsoft, Upper Deck worth about $170 million, Fortune estimates.

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