The University of Texas is set to extend its partnership with US sportswear giant Nike with a groundbreaking new deal.
A new 15-year, $250m (€227m) contract has been approved by university regents, which will see Nike’s partnership with the school extended until 2030.
Nike will supply the university’s Longhorns teams with uniforms, apparel and footwear and will also provide internships for students. A minimum of $22.5m will be made available for non-athletic initiatives.
In addition, Nike will develop specially-made Kevin Durant jerseys. Durant, who currently plays for NBA basketball franchise the Oklahoma City Thunder, attended the University of Texas as a teenager and represented its Longhorns basketball team.
“This has been a very successful partnership,” University of Texas president Gregory L. Fenves said, according to the Austin American-Statesman newspaper. “It’s a tremendous opportunity for intercollegiate athletics (for) one of the leading programs in the nation to work with one of the leading brands.”
“Our understanding (is) this is the biggest contract that anyone has signed for sponsorship and licensing.”
Nike’s current deal with the university was due to expire in June 2016. The two parties first teamed up in 2000 and news of the deal was first reported earlier in October.