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By Associated Press
POSTED: 11:05 a.m. EDT, Sep 13, 2007
COLUMBUS: Athletic footwear and apparel manufacturer Nike and Ohio State have signed a new $26-million contract that will keep Buckeyes' sports teams in uniforms with a swoosh for the next seven years.
The agreement, announced today, went into effect on Aug. 1 and expires July 31, 2014. Nike has an option to extend the deal by three years.
As exclusive provider of footwear and apparel for Ohio State's athletics program, Nike will provide OSU teams with $2.34 million per year in free products, or $16.4 million over the seven-year period.
Nike also will pay the Ohio State athletic department $1.2 million annually for the right to be Ohio State's exclusive provider, or $8.3 million over the seven years.
There are bonus payments for football and men's and women's basketball based upon rankings and postseason appearances.
Each year, Nike will pay Ohio State $28,000 for appearances by the coaching staff and $22,000 for design and safety input from the coaches.
The university also will receive royalties from Nike of at least $200,000 annually.
COLUMBUS: Athletic footwear and apparel manufacturer Nike and Ohio State have signed a new $26-million contract that will keep Buckeyes' sports teams in uniforms with a swoosh for the next seven years.
The agreement, announced today, went into effect on Aug. 1 and expires July 31, 2014. Nike has an option to extend the deal by three years.
As exclusive provider of footwear and apparel for Ohio State's athletics program, Nike will provide OSU teams with $2.34 million per year in free products, or $16.4 million over the seven-year period.
Nike also will pay the Ohio State athletic department $1.2 million annually for the right to be Ohio State's exclusive provider, or $8.3 million over the seven years.
There are bonus payments for football and men's and women's basketball based upon rankings and postseason appearances.
Each year, Nike will pay Ohio State $28,000 for appearances by the coaching staff and $22,000 for design and safety input from the coaches.
The university also will receive royalties from Nike of at least $200,000 annually.
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