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A contract extending Nike's sponsorship deal with Ohio State University's athletics program is worth $252 million in cash and apparel over 15 years, apparently the richest in college sports, The Wall Street Journal reported. The newspaper reviewed the contract between the apparel maker and the university; the deal apparently just tops the value of a similar arrangement, valued at $250 million, between Nike and the University of Texas at Austin.
That's not a coincidence, according to the Journal. It quoted Ohio State's athletics director, Gene Smith, as saying that the university waited to negotiate its deal until it saw the value of Nike contract renewals with Texas and the University of Michigan, so that it could have the most lucrative arrangement.
The deal will bring Ohio State $112 million in sports apparel and equipment and $103 million in cash over 15 years beginning in 2018-19, according to the Journal. Some of the funds will reportedly be used for scholarships for nonathletes.
