After announcing last week that it was reuniting with Nike, the University of Michigan released the details of the largest apparel contract in the country on Wednesday morning.
The deal, announced by interim athletic director Jim Hackett, is for $169 million and runs through 2027, with an option to extend it to 2031. The new Nike contract doesn’t begin until Aug. 1, 2016, as Michigan completes the final year of its deal with adidas.
Financial terms released Wednesday include Michigan receiving $12 million upfront, $80.2 million in apparel and up to $76.8 million in cash.
The cash breakdown includes $4.82 million each year in base compensation for the first 10 years of the deal, then $5.32 million in 2026-27. In the final four (option) years, UM would get $5.82 million per year.
Also included in the agreement are three student summer internships at Nike headquarters and usage of the Jordan brand “Jumpman” for the Wolverines men’s and women’s basketball teams. It also includes “a collaboration throughout the agreement on innovation initiatives in sports technology, design and best practices,” according to a release from UM.
Source: The Detroit News
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