This was a must have deal for both parties involved. Kentucky may have the top hoops program in the country, but it’s all predicated on that swoosh on the front of the jersey.
Nike benefits from programs like Kentucky, UConn and Duke wear their gear. Kentucky will continue to rock Nike — signing a lengthy $30 million extension.
The university has signed an eight-year extension of its previous Nike contract. The extended deal runs until Aug. 31, 2025, the lengthiest contract in the Portland Business Journal database of collegiate apparel contracts. It had been set to expire in 2017.
The length of the contract is the latest signal that Nike wants to lock up key partners long-term. Florida State University (2024) and the University of Florida (2024) also recently signed long-term extensions.
Annual terms for Kentucky increased slightly.
The university will get $1.725 million in equipment and $1.8 million in cash from Nike this academic year. The equipment allowance climbed $125,000 annually but the cash terms did not change.
The eight-year extension period will generate $30.6 million for Kentucky. Its annual apparel allowance will rise to $2.125 million by the last year of the deal. It will receive $1.8 million in cash each year of the contract.