Michigan's deal with Nike worth $169 million
ANN ARBOR, Mich. (AP) The University of Michigan's new apparel and equipment deal with Nike is worth $169 million, with a nearly even split between annual cash and apparel value.
The deal, which begins in August 2016, was announced last week, and Michigan released financial details Wednesday. The agreement runs until 2027, and the school has an option to extend it to 2031. The full 15-year deal includes annual compensation totaling $76.8 million, plus $12 million up front - as well as $80.2 million in apparel.
Nike will supply the school's 31 athletic programs with uniforms, footwear, apparel and equipment.
Michigan has partnered with Adidas since 2007. Michigan athletes began wearing new Adidas-produced products in the fall of 2008. That eight-year deal was valued at $60 million in cash and merchandise, plus a $6.5 million signing bonus.
''Nike is especially proud to partner with the Wolverines and have the opportunity once again to work with Michigan student-athletes, coaches, and staff,'' said Joaquin Hidalgo, vice president and general manager of Nike North America. ''We eagerly look forward to bringing out the best in each other.''
Michigan's Adidas deal was generally believed to be the largest of its kind, until Notre Dame announced a switch from Adidas to Under Armour in January 2014. Notre Dame athletic director Jack Swarbrick said that 10-year deal was worth more than $90 million, according to a New York Times report later last year.