University Of Michigan And Nike “Just Did It”
According to the Detroit News, the deal that U of M officials just signed with Nike is worth a reported $169 million. The deal begins on August 2016 and will run until 2027, with a school option of extending it until 2031.
After an initial "signing bonus" of $12 million, Michigan will receive between $10.1 million and $10.9 million per season -- the richest apparel contract in college athletics.There are several 'details' included in the deal. For instance, included in the agreement are three student summer internships (paying $15,000 each) at Nike headquarters and the use of the Jordan brand "Jumpman" for the men's and women's basketball teams. Also, Michigan will receive a 15 percent royalty on the gross sales of Nike gear at retail. And of course, Nike will supply the school's 31 athletic programs with uniforms, footwear, apparel and equipment.