US sportswear giant Nike has sealed a $58m (€50m) extension with Clemson Athletics, which represents the sports teams of Clemson University in South Carolina.
The 10-year renewal will run through to the end of the 2027-28 campaign.
The agreement covers footwear, apparel and equipment. The two parties have been partners since 2002.
The value of the partnership has more than doubled under the renewal.
Nike’s marketing executives and Clemson’s Creative Solutions team will meet annually to collaborate on innovative projects that promote the two brands.
As part of the extension, Clemson’s royalty rate for co-branded Clemson-Nike products will increase from 11 per cent to 14 per cent, generating greater licensing revenues for Clemson Athletics.