The battle for college sports sponsorships just got even more heated. Nike and the Ohio State University have agreed to extend their partnership for 15 years. The deal will take effect in August 2018, when the current contract would have expired, and has been valued at $252 million, according to The Wall Street Journal.
WSJ has estimated that Nike will contribute $112 million in product to Ohio State and at least $103 million in cash, including royalty income.
In addition to providing gear for Ohio’s 36 varsity sports teams, the Beaverton, Ore.-based athletic giant also committed significant funds to support an endowment for student scholarships and Nike internships for athletes and non-athletes.
The partnership is being called the richest in college sports.
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“Ohio State University has been a Nike partner for over two decades, and we’re delighted to extend that partnership with the school through the 2033 academic year,” said Joaquin Hidalgo, president and GM of Nike North America, in a statement from the college. “Nike and Ohio State share similar values of innovation and a commitment to excellence, and we look forward to an exciting future both on and off the field for years to come.”
Recently, Nike has been locking in expensive long-term contracts with major universities to stave off potential threats from adversaries like Adidas, which snagged the University of Miami early last year, and Under Armour, which has picked up Yale University and the University of Wisconsin.
In the past year, Nike has signed a 15-year deal with the University of Texas at Austin, valued at $250 million, and it snatched the University of Michigan from Adidas with an 11-year contract valued at $169 million.