COLUMBUS, Ohio (AP) - Ohio State University has extended its current sponsorship contract with Nike by 15 years in a deal worth $252 million.
The university and the athletic shoe and clothing company announced the deal on Thursday. The current partnership had been scheduled to end in July 2018. It will now continue to 2033.
The deal includes $22.5 million in cash and $5 million in products up-front. Officials say $2.5 million will be used to establish a scholarship endowment and $10 million will endow a fund to be spent at the OSU president's discretion. Another $10 million will go toward an endowment for the athletics department.
The agreement also calls for at least $500,000 worth of Nike apparel to be given to Ohio State students annually beginning in 2018.