Tarheels seal big extension with Nike

The University of North Carolina has extended an apparel partnership with sportswear company Nike.

The agreement will run for 10 years, to the end of June 2028.

The deal will be worth an average of $6.27m (€5.49m) per year – a big increase on the previous deal UNC agreed with Nike back in 2008, which was worth a total of $1.83m per year.

The new contract will comprise annual payments of $3.4m in cash and $2.87m in wholesale product allotment.

Under the deal, UNC, which competes as the Tarheels in the Atlantic Coast Conference, will secure one of the top 10 most lucrative such partnerships in North American college sport, according to Forbes magazine.

North Carolina is the third most successful university in the history of the March Madness annual national basketball championship, having claimed its sixth title last year.