Nike has had $1.1bn (£844m) knocked off its stock market value as after what is being called one of the most expensive apparel failures in history.

The company’s value tumbled by 1.7 per cent on Thursday as it was repeatedly blamed for a sprained knee to rising basketball star Zion Williamson, seen by millions live on TV.

Sports lovers across the US watched in horror as the teenager was crocked when his Nike trainer tore apart mid-shot during a high profile college match.

The freshman, who is in the draft for next season's NBA, had to sit out the rest of the game between his university team Duke Blue Devils and state rivals North Carolina Tar Heels .

Barack Obama, who had gone to watch the match live, could be seen in his court side seat apparently saying with disbelief: “His shoe broke”.

Zion Williamson injury Show all 8 1 /8 Zion Williamson injury Zion Williamson injury Zion Williamson FILE PHOTO: Feb 20, 2019; Durham, NC, USA; Duke Blue Devils forward Zion Williamson (1) reacts after falling during the first half against the North Carolina Tar Heels at Cameron Indoor Stadium. Mandatory Credit: Rob Kinnan-USA TODAY Sports/File Photo Rob Kinnan USA TODAY Sports Zion Williamson injury Zion Williamson Feb 20, 2019; Durham, NC, USA; Duke Blue Devils forward Zion Williamson (1) dribbles the ball as North Carolina Tar Heels forward Luke Maye (32) defends during the first half at Cameron Indoor Stadium. Mandatory Credit: Rob Kinnan-USA TODAY Sports Rob Kinnan USA TODAY Sports Zion Williamson injury Zion Williamson Feb 20, 2019; Durham, NC, USA; Duke Blue Devils forward Zion Williamson (1) reacts after falling while driving to the basket as North Carolina Tar Heels forward Luke Maye (32) defends during the first half at Cameron Indoor Stadium. Mandatory Credit: Rob Kinnan-USA TODAY Sports Rob Kinnan USA TODAY Sports Zion Williamson injury Zion Williamson Feb 20, 2019; Durham, NC, USA; Duke Blue Devils forward Zion Williamson (1) reacts after falling during the first half against the North Carolina Tar Heels at Cameron Indoor Stadium. Mandatory Credit: Rob Kinnan-USA TODAY Sports Rob Kinnan USA TODAY Sports Zion Williamson injury Zion Williamson *** BESTPIX *** DURHAM, NORTH CAROLINA - FEBRUARY 20: Zion Williamson #1 of the Duke Blue Devils reacts after falling as his shoe breaks against Luke Maye #32 of the North Carolina Tar Heels during their game at Cameron Indoor Stadium on February 20, 2019 in Durham, North Carolina. (Photo by Streeter Lecka/Getty Images) Streeter Lecka Getty Images Zion Williamson injury Zion Williamson Duke's Zion Williamson sits on the floor following a injury during the first half of an NCAA college basketball game against North Carolina in Durham, N.C., Wednesday, Feb. 20, 2019. (AP Photo/Gerry Broome) Gerry Broome AP Zion Williamson injury Zion Williamson DURHAM, NORTH CAROLINA - FEBRUARY 20: Teammates RJ Barrett #5 and Marques Bolden #20 of the Duke Blue Devils watch as Zion Williamson #1 of the Duke Blue Devils reacts after falling as his shoe breaks against Luke Maye #32 of the North Carolina Tar Heels during their game at Cameron Indoor Stadium on February 20, 2019 in Durham, North Carolina. (Photo by Streeter Lecka/Getty Images) Streeter Lecka Getty Images Zion Williamson injury Zion Williamson DURHAM, NORTH CAROLINA - FEBRUARY 20: Zion Williamson #1 of the Duke Blue Devils walks to the bench after falling as his shoe breaks against Luke Maye #32 of the North Carolina Tar Heels during their game at Cameron Indoor Stadium on February 20, 2019 in Durham, North Carolina. (Photo by Streeter Lecka/Getty Images) Streeter Lecka Getty Images

The former president later took to Twitter to wish Williamson a “speedy recovery.”

Nike’s own rehabilitation was relatively rapid; the sportswear company's shares had erased much of their losses by Friday lunchtime as US stock markets rose on the back of more positive economic news.

Mario Natarelli, managing partner at the MBLM brand agency in New York told CBS News Williamson's injury was a “very visible shoe structure failure for a company committed to performance and technology of its products”.

Analysts added the malfunction might hurt the firm’s ability to sign Williamson once he goes pro – a deal that would potentially be worth millions.

In a statement, the company said: “We are obviously concerned and want to wish Zion a speedy recovery. While this is an isolated occurrence, we are working to identify the issue.”