The UT System Board of Regents Friday finalized a 15-year, $250 million contract between UT-Austin and Nike. The agreement with Nike is what is expected to be the richest shoe and apparel deal in college sports. The agreement was first reported by the Statesman earlier this month. The contract’s total value eclipses the University of Michigan’s 15-year deal with Nike this summer worth an estimated $169 million. At the time, it was widely hailed as the biggest deal in college sports.
Some of the details of the four-page document that was released at the Board of Regents meeting on Friday:
$20 million cash up front from Nike at the time of the signing
$22.5 million over the life of the contract for “financial support of UT Austin university initiatives (outside Intercollegiate Athletics) subject to UT Austin President’s approval.”
Four paid annual internships funded by Nike for two student-athletes and two (non-student-athlete) undergraduate UT Austin students
Creation of a line of apparel of “signature Kevin Durant-UT Austin line of performance products, apparel, and footwear for use by intercollegiate teams and for offering as NIKE and UT licensed retail product.’ The former Texas basketball star currently has his own line of basketball shoes through Nike.
To view entire Nike contract, click here or look in the viewer below
News on Bevo Beat is free and unlimited. Access to the rest of Hookem.com is included with an Austin American-Statesman subscription in addition to Statesman.com and the ePaper edition. Subscribe today at statesman.com/subscribe.