Ohio State University has agreed to a lucrative long-term extension of its partnership with US sportswear giant Nike.
The new 15-year agreement will become effective in August 2018, when the current deal between the two parties expires. The contract will run through to 2033.
Neither Ohio State nor Nike disclosed specific financial terms of the deal, though the Wall Street Journal newspaper reported the agreement was worth $252m (€231m), which would make it the most expensive deal in college sports history.
The newspaper claimed Ohio State would receive $112m worth of products and the rest in cash. The report added that more than $41m would be set aside for student scholarships and internships at Nike.
Nike will provide some cash and product commitments to Ohio State immediately, although the university will receive the majority of its benefits from August 2018 onwards.
The agreement is wide-ranging and will also benefit non-athletic students, the university has confirmed.
“The comprehensive nature of this partnership is a win for all Ohio State students,” Ohio State president Michael V. Drake said. “The expanded commitment by Nike will support access, affordability and excellence for Buckeye students and student-athletes across our campus.”
Gene Smith, Ohio State’s vice-president, added: “We approached this as a university contract, not one that’s purely focused on athletics. Under this partnership, every student – whether they play club sports, Division 1 sports or no sports at all – will be eligible to benefit.”