Graphic: Denny Check / Managing Editor for Graphic Design
Ohio State and Nike Inc. reached a massive contract agreement last week that will extend the current partnership until 2033.
However, the 15-year contract extension, which the university believes to be the biggest ever for a college contract, will not just benefit athletic programs. The deal surpasses the University of Texas’ $250 million contract, a contract also held by Nike.
More than 16 percent of the total OSU-Nike contract value of $252 million will be committed toward non-athletic endeavors at OSU.
University President Michael Drake said in a release the new contract will open new doors for OSU students, as well as student-athletes.
“The comprehensive nature of this partnership is a win for all Ohio State students,” he said. “The expanded commitment by Nike will support access, affordability and excellence for Buckeye students and student-athletes across our campus.”
Of the more than $41 million dedicated off-field and off-court, $15 million in cash, as well as another $8.5 million in products, will be committed to support student-focused initiatives.
Nike also agreed to 90 internship opportunities over the course of the 15-year contract life, allowing four internships annually to non-athlete students, as well as two internships annually to student-athletes.
Also with the agreement, $2.5 million in scholarships are expected to be made available through a financial aid endowment.
Another $15 million is set aside for marketing community events at the university.
“We approached this as a university contract, not one that’s purely focused on athletics,” said Gene Smith, university vice president and athletics director. “Under this partnership, every student — whether they play club sports, Division I sports or no sports at all — will be eligible to benefit.”
OSU’s previous contract with Nike was set to expire in 2018, and was worth $46 million.
Joaquin Hidalgo, president and general manager of Nike North America, said in a release his company is “delighted to extend that partnership” into the 2033 academic year.
“Nike and Ohio State share similar values of innovation and a commitment to excellence, and we look forward to an exciting future both on and off the field for years to come,” he said.
