The Ohio State Buckeyes and Nike have agreed to terms on a gigantic $252 million deal.
The Ohio State Buckeyes have had so much success with their sports programs, namely their football brand, that they have become so powerful as an image and in the world of sports. With the Buckeyes having a deal with Nike already, the two sides have reportedly hammered out a humongous contract extension between both sides.
According to Chris Davey of OSU.edu, Ohio State and Nike have come together on a 15-year deal.
"The innovative 15-year agreement announced today delivers unsurpassed value to the university by investing heavily in Ohio State’s student-athletes while also providing benefits for the broader student body.Examples of benefits beyond athletics include monetary support and products to enhance the student experience, a significant endowment for student scholarships and NIKE internships for both athletes and non-athletes."
The unique and prosperous deal between each side is for a reported $252 million, according to Dave Briggs of the Toledo Blade.
Per OSU's contract with Nike, deal worth total of $252 million—including $215 million in cash and products—over 15 years.
— Dave Briggs (@DBriggsBlade) January 14, 2016
Just to put that in perspective, Nike sees the power of the Ohio State brand on par with that of the likes of LeBron James and Tiger Woods. While they deal might not be for as much money, that’s a huge total for Ohio State brand.
The Buckeyes under Urban Meyer continue to do some incredible things on the field and the team has won 50 games in the last four years, including a College Football Playoff National Championship.
With a strong brand and a pipeline of endless talent for the Buckeyes, it’s only fitting that both sides got together on the mega deal. Buckeyes fans will probably also love the fact that it surpasses Nike’s deal with Michigan.