Reports Say Texas Reaches 15-Year Deal to Stay With Nike

University of Texas officials reached a 15-year agreement with Nike in what is purported to be the wealthiest shoe and apparel deal in college sports, according the the American-Statesman.

The newspaper received information from two sources close to the negotiations that the talks are complete. The contract has to be forwarded to the UT System Board of Regents for final approval.

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Currently, the yearly agreed-upon total is unknown, but a source told the newspaper that it’s “higher than Michigan,” which signed a 15-year deal with Nike this summer worth an estimated $169 million. Texas is expected to have the higher deal, thanks to its No. 1 place if T-shirt sales, hats and other merchandise for nine straight years, according to the Collegiate Licensing Company rankings.

The deal has been under wraps for several weeks. After the university abruptly cancelled a scheduled meeting with Under Armour executives on Oct. 4, it was expected that the CEO, Kevin Plank, would make a case for why UT should leave Nike, the university’s partner since 2001.

Apparently, Nike officials were prepared. The company had a contractual right of first refusal clause in its current deal with Texas, which means it could match anything Under Armour offered, according to the paper.

[Photo: Wikipedia]