Consumer brand company Iconix has finalised the acquisition of licensed apparel business Starter from Nike for US$60m in cash.

Nike agreed to sell Starter, acquired in 2004, as part of the company's ongoing strategic review of its Exeter Brands Group, the sportswear giant's smallest division.

Founded in 1971, Starter was a pioneer of league licensed apparel with the US' major sports, including American football, baseball and basketball.

Iconix predicted that Starter would contribute about $18m in global royalty revenues during 2008.