Texas officials cancelled a planned Sunday meeting with Under Armour executives and all signs indicate the school will sign a long-term extension with Nike, a source close to the negotiations told the American-Statesman.
Nike, which has been a partner with UT athletics since 2000, has a contractual right of first refusal in its current deal. That means if Under Armour offered a sky-high deal, Nike officials have the opportunity to match.
Interim Texas athletic director Mike Perrin declined comment about the contract talks on Saturday before the TCU game. He bounced back and forth in burnt orange Nike shoes. “They’re very comfortable,” Perrin said.
It’s widely expected that Texas will sign the biggest shoe and apparel deal in collegiate sports history when this deal is completed. Michigan holds the current title after signing a 15-year deal worth $169 million.