Nick Polak
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Ohio State and Nike reach record-breaking $252 million sponsorship deal, surpassing Texas and Michigan contracts
Nick Polak via our friends at Land-Grant Holy Land
Visit their fantastic blog and read the full article (and so much more) here
That is a whole lot of money.
On Thursday evening, the Ohio State University and Nike reached an agreement for a new $252 million, 15-year contract. The massive deal surpasses the $250 million contract between Texas and Nike from October, as well as Michigan's $169 million deal from July. Ohio State's previous contract with Nike was an 11-year, $46 million deal that was set to expire in 2018. Rather than wait it out, they signed an extension that is officially the most lucrative deal in college sports history.
According to the Wall Street Journal, Ohio State will receive a whopping $112 million in Nike product, as well as 'at least $103 million in cash, not including royalty income'.
Ohio State athletic director and vice president, Gene Smith, had the following to say about the deal:
"We approached this as a university contract, not one that's purely focused on athletics. Under this partnership, every student — whether they play club sports, Division I sports or no sports at all — will be eligible to benefit."
Nike North America President and GM, Joaquin Hidalgo, also commented:
"The 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. 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."
The full news release from Ohio State can be found over on Cleveland.com.
Not only can Ohio State fans rejoice at the prospect of having cutting-edge, Ohio State-themed Nike gear available to them for the foreseeable future, but there is some extra enjoyment to be taken from the fact that the university was able to coax $2 million more out of Nike than Texas, setting a Nike record.
But the best part of all?
Michigan deal with Nike is worth $15.3M in cash & product a year. Ohio State's new deal, according to report, would be worth $16.8M a year.
— Darren Rovell (@darrenrovell) January 14, 2016
Whoops. Sorry, Michigan.
Continue reading...
Nick Polak via our friends at Land-Grant Holy Land
Visit their fantastic blog and read the full article (and so much more) here
That is a whole lot of money.
On Thursday evening, the Ohio State University and Nike reached an agreement for a new $252 million, 15-year contract. The massive deal surpasses the $250 million contract between Texas and Nike from October, as well as Michigan's $169 million deal from July. Ohio State's previous contract with Nike was an 11-year, $46 million deal that was set to expire in 2018. Rather than wait it out, they signed an extension that is officially the most lucrative deal in college sports history.
According to the Wall Street Journal, Ohio State will receive a whopping $112 million in Nike product, as well as 'at least $103 million in cash, not including royalty income'.
Ohio State athletic director and vice president, Gene Smith, had the following to say about the deal:
"We approached this as a university contract, not one that's purely focused on athletics. Under this partnership, every student — whether they play club sports, Division I sports or no sports at all — will be eligible to benefit."
Nike North America President and GM, Joaquin Hidalgo, also commented:
"The 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. 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."
The full news release from Ohio State can be found over on Cleveland.com.
Not only can Ohio State fans rejoice at the prospect of having cutting-edge, Ohio State-themed Nike gear available to them for the foreseeable future, but there is some extra enjoyment to be taken from the fact that the university was able to coax $2 million more out of Nike than Texas, setting a Nike record.
But the best part of all?
Michigan deal with Nike is worth $15.3M in cash & product a year. Ohio State's new deal, according to report, would be worth $16.8M a year.
— Darren Rovell (@darrenrovell) January 14, 2016
Whoops. Sorry, Michigan.
Continue reading...