USA Track & Field (USATF), the governing body for athletics in the United States, has extended its deal with sportswear giant Nike through 2040.
The extended deal will begin in 2017 and run for at least 23 years. Financial terms of the agreement were not disclosed but the ESPN.com website said it is worth between $450m (€326.1m) and $500m in cash and goods, compared with their earlier deal, signed in 2009 and running through 2017, worth about $10m a year.
Nike will retain its status as an exclusive sponsor and supplier of products to the USATF. It will continue to outfit all USATF teams in international competitions including the Olympic Games, World Championships, Pan American Games and World Junior Championships.
The agreement will also cover the USATF Indoor and Outdoor Track & Field Championships.
The company will remain as the official sponsor in the footwear, apparel and retail categories. Nike will also continue as the exclusive athletic footwear and apparel licensee within the running and route tracking/managing application and social network category.
The new deal will also see Nike support Paralympic and master track and field teams through official outfitting of current Team USA gear.
Max Siegel, chief executive of USATF, said: “This new deal is a game-changer for the sport and what USATF will be able to offer all of our constituents. In working together with Nike, we placed an emphasis on growth as well as scope, so we can broaden the level and breadth of support for all USATF programs. Nike’s support for USATF and the sport as a whole is unmatched, and we look forward to this new era of collaboration.”