Tennessee announces apparel agreement with Nike
KNOXVILLE, Tenn. (AP) Tennessee has agreed on an apparel deal with Nike that will take effect when its contract with Adidas expires in the summer of 2015.
The university announced the eight-year agreement Friday and said it called for Nike to supply apparel, uniforms, footwear and additional equipment for each of the school's 20 athletic programs as well as its spirit squads. Contract details obtained through a public records request indicated the deal was worth approximately $35 million.
Tennessee's contract with Adidas runs through June 30, 2015. Tennessee had partnered with Adidas since 1997.
The deal with Nike includes a $2 million signing bonus that Tennessee would receive no later than July 1 of this year.
The contract also would make Tennessee eligible for performance bonuses that include $10,000 for playing in the SEC football championship game, $20,000 for winning the SEC championship game, $25,000 for reaching the College Football Playoff, $50,000 for playing in the national championship game and $100,000 for winning a national title. Smaller performance bonuses are in play for the men's and women's basketball teams if they win the SEC tournament, reach the Final Four or win a national title.
This marks the second straight week that a major athletic department has announced it is parting ways with Adidas. Notre Dame announced on Jan. 21 it was ending its 17-year relationship with Adidas and had agreed to a 10-year deal with Under Armour.