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Nike signs long-term extension with University of Virginia

US sportswear giant Nike has signed a long-term extension to its partnership with the University of Virginia’s Cavaliers sports teams.

The new agreement went into effect in July 1 this year will run for a period of 10 years through to June 20, 2025.

According to various reports, the deal is worth a total of $30.5m (€31.5m).

Under the agreement, Nike will continue to provide the Cavaliers sports teams with various playing apparel. The agreement is also said to include performance bonuses for certain teams.

Nike began its partnership with the University of Virginia’s sports teams in 2001.