EUGENE, Ore. — The University of Oregon has reached a tentative agreement with Nike that increases sponsorship to $88 million in cash and gear, according to university documents.
The university’s board of trustees will consider approving the 11-year deal next week. The university made the agreement description public on Thursday, but the full draft contract has not been released, The Register-Guard reported .
Under the new deal, the university would receive $2 million annually from Nike until 2023. The amount would then increase to $2.5 million each year until 2028.
The university would also get $5 million in Nike apparel each year, and it would gradually increase to $6 million for the 2022-23 school year.
Applied retroactively for the start of this school year, the university would receive a $3 million signing bonus under the new agreement. Royalties the university gets on some duck-themed Nike merchandise would increase from 12 to 15 percent.
Other possible features in the agreement, like bonuses for the football team’s success and game tickets for Nike’s use, were not made public. These features were in the university’s current deal.
Under the current deal with Nike, the university is receiving a base cash payment of $600,000 and $2.4 million in products this school year.
Information from: The Register-Guard, http://www.registerguard.com