The athletes from the University of Kentucky will be using Nike products till at least 2025.
The University of Kentucky has successfully signed Nike on in a contract extension that expires on April 31, 2025. It is one of the lengthiest collegiate apparel contracts that had been made. Its previous expiration date was set to 2017.
The signing is one of the many signals that Nike has sent out to show that it wants to lock up with all its key partners for the long run. Two other colleges have also recently joined this signing spree. The Florida State University has signed a contract till 2024 and the University of Florida has also made its deal with Nike till 2024.
In related news, the annual terms for Kentucky have increased marginally.
The University of Kentucky is set to receive US$1.725 million worth of equipment and US$1.8 million in cash from Nike for the current academic year. The equipment allowance has been bumped up by US$125,000 per year but the cash terms have remained the same.
The University of Kentucky will generate US$30.6 million through the eight-year contract extension. The yearly apparel allowance for the university will increase to US$2.125 million before the final year of the deal. They will also receive US$1.8 million in cash for every year within the contract period.
The extended deal also includes a signing bonus of US$2.4 million.
The new contract with its extension currently ranks 16th out of the total 85 contracts in the NCAA footwear and apparel contracts that are listed in the Business Journal database. Within the Nike contracts made, it ranks at 7.