Nike has been a sponsor of the USA Track & Field team since 1991, and they won’t be ending their sponsorship together anytime soon. On Wednesday afternoon, Nike announced a lucrative 23-year extension with USA Track & Field worth a whopping $450 million.
With the new deal, Nike will be the exclusive apparel sponsor of the USA track team at the World Championships and Olympics through 2040.
ESPN’s Darren Rovell passed along the news.
“Nike was founded as a running company, and our passion for track and field is at the core of our DNA,” Nike president and CEO Mark Parker said in a statement.
While the deal covers apparel, USA Track & Field athletes are free to sign their own shoe deals.
It is a monumental deal for the USA Track & Field team, which receives a large portion of their budget from the Nike sponsorship.
“This new deal is a game changer for the sport and what USATF will be able to offer all our constituents,” said USA Track & Field CEO Max Siegel in a statement announcing the deal. “Nike’s support for USA Track & Field and the sport as a whole is unmatched, and we look forward to this new era of collaboration.”