Nike in $33.8M deal with University of Washington
Portland Business Journal - by Greg Lamm
Nike Inc. thinks it is worth $33.8 million to see University of Washington athletes wear the company’s iconic swoosh for the next 10 years.
UW’s athletic department plans to extend an existing sponsorship deal with Nike USA Inc. that would make the Beaverton-area-based sports apparel company (NYSE: NKE) the exclusive provider of footwear, apparel and equipment for the university’s 23 intercollegiate athletic programs.
The sponsorship deal is worth about $33.8 million, and could be worth up to $39 million with incentives. The UW Board of Regents is set Thursday to vote on approving the sponsorship deal.
If approved, Nike would provide the athletic department with an average of about $2.6 million in products a year, through 2019, as well as making annual cash payments averaging $725,000.
In addition, Nike would pay the university a “signing bonus” of $500,000 when the deal kicks in, July 1, 2009. UW also could receive performance bonuses for championship teams, bowl appearances or other athletic achievements.
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