Ohio State reaches massive record-breaking new deal with Nike
Nike went all out to keep Ohio State on board.
The apparel company and Ohio State agreed to a record-breaking 15-year, $252 million deal. The deal will begin in 2018-19 and run through 2033 and will pay the school $16.8 million annually.
The contract is the richest ever in college sports, trumping the $250 million Texas got and the $169 million Michigan got from Nike.
“The comprehensive nature of this partnership is a win for all Ohio State students,” university President Michael V. Drake said in a release. “The expanded commitment by NIKE will support access, affordability and excellence for Buckeye students and student-athletes across our campus.”
According to the Wall Street Journal, the massive new deal will give the Buckeyes $112 million in apparel and $103 million in cash not including royalties.
The news came days after Ohio State was named the most valuable program in college football for the second straight season.
“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,” President and GM of NIKE North America Joaquin Hidalgo said in a statement. “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.”
And the new bar in apparel has been set.