Sports brand Nike has signed a three-year extension of its kit agreement with the University of Nevada, Las Vegas (UNLV) athletics department, in a deal worth $3m (€2.7m) per year.
Under the deal, which ends May 2022, Nike will remain the exclusive athletic footwear, apparel and accessories sponsor of UNLV Athletics – continuing a decades-long relationship with the university.
Desiree Reed-Francois, director of athletics at UNLV, said: “UNLV’s positive momentum continues with the extension of our long-standing affiliation with one of the most recognisable brands in the world. We are excited for the future and grateful for Nike’s commitment to UNLV Athletics.”
According to a UNLV statement, the contract is valued at $9m in retail product, and doubles the annual Nike product allotment to UNLV over the previous agreement.
On an annual basis, UNLV will receive $2m in annual product allotment, and buy approximately $1m in additional product per year.
In the previous agreement, which expired on May 31, 2019, UNLV received $1m in annual product allotment from Nike and purchased $800,000 in product per year.