Estimated read time: 1-2 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
COLUMBUS, Ohio (AP) — Ohio State University has extended its current sponsorship contract with Nike by 15 years in a deal worth $252 million, the school and athletic apparel company announced.
The current partnership had been scheduled to end in July 2018, but will now continue until 2033. Most of the updated provisions in the contract won't go into effect until 2018, but the agreement includes $22.5 million in cash and $5 million in products upfront.
The contract with the Beaverton, Oregon-based Nike also includes money for scholarships, internships and apparel for students who aren't athletes, according to the agreement. Club sports teams will get a discount on uniforms and equipment through the deal.
According to the university, $2.5 million of that money will be used to establish a scholarship endowment, $10 million will endow a fund to be spent at the discretion of the university president and another $10 million will go toward an athletics department endowment.
The agreement, announced Thursday, also included at least $500,000 worth of Nike apparel to be given to Ohio State students annually beginning in 2018.
A committee representing the athletics, student life, business and finance and the president's office will oversee the contract's implementation and inform students and employees about its benefits, according to the university.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.