COLUMBUS, Ohio (AP) — Ohio State University has extended its current sponsorship contract with Nike by 15 years in a deal worth $252 million.
The university and the Beaverton, Oregon-based athletic apparel company announced the deal on Thursday. The current partnership had been scheduled to end in July 2018. It will now continue to 2033.
The agreement includes $22.5 million in cash and $5 million in products up-front. Officials say $2.5 million will be used to establish a scholarship endowment and $10 million will endow a fund to be spent at the university president's discretion. Another $10 million will go toward an endowment for the athletics department.
The agreement also calls for at least $500,000 worth of Nike apparel to be given to Ohio State students annually beginning in 2018.