Texas agrees to 15-year deal with Nike

The University of Texas Longhorns have reportedly reached a 15-year agreement with NIKE to remain the exclusive provider of shoe and apparel to the school, according to KVUE news partner the Austin American-Statesman.

The sports apparel giant also had the advantage of being able to match any offer to Texas by virtue of its existing contract.

Information from The Associated Press was used in this report.

First reported by the Austin American-Statesman, the financial specifics are not yet known, but the source said it would be worth more than the $169 million the Michigan Wolverines received this summer from Nike.

According to Horns247, the negotiations are complete and the contract only needs approval from the University’s Board of Regents next week. Texas has its own TV network – the Longhorn Network funded and run by ESPN – the largest athletic budget and leads the nation in merchandise sales by the Collegiate Licensing Company year after year.

Texas will likely be celebrating more than just a victory.

U-M is making $8.2 million per year with Adidas on the contract signed in 2007 that ends next July.

Apparently, Nike officials were prepared. But Texas canceled a scheduled presentation by Under Armour, cementing the idea that the school liked the idea of staying with Nike. At the same time, industry speculation put a possible Texas deal as high as $15 million annually.