UW and Nike extend equipment deal

The University of Washington announced today that they have agreed to a 10-year extension with Nike worth at least $35 million and could be up to $39 million with addition incentives.

Nike will remain Washington’s provider of footwear, apparel and equipment. The deal, which is pending approval by the Board of Regents, is effective July 1, 2009, and is worth nearly three times more than the previous agreement. The new agreement gives an average of $2.6 per year in product and $725,000 in cash to the athletic department. The last contract, a five-year agreement, was for $1.3 million in product and $210,000 in cash.

“We are really pleased with the continued corporate commitment Nike has made to our athletics program,” acting UW athletic director Scott Woodward said in a statement. “This new long-term sponsorship agreement rates among the elite, top-tier athletics programs in the country and provides our student-athletes, coaches and staff with the resources to remain nationally competitive at the highest level of college athletics. This agreement also represents a resounding endorsement of the future of Husky Atheltics from the world’s leading sports brand.”