Nike will pay the University of Michigan a total of $169 million in cash and merchandise over 11 years for the exclusive rights to equip its sports teams, The Detroit News reported. The deal was announced last week, but Michigan revealed the terms of the arrangement on Wednesday. Under the deal, which begins in 2016 and runs through 2027 (with a university option to extend it for four more years), Michigan will receive about $122 million in cash in addition to the apparel and equipment for its 31 varsity teams.
The contract replaces one with Adidas that was worth $8.2 million a year, about half of the new arrangement. The existing deal was the biggest for any public university, although the University of Notre Dame's with Under Armour was reportedly worth $90 million. The Portland Business Journal keeps a database of such arrangements.
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