The University of Memphis and Nike have agreed to a five-year extension valued at more than $2 million per year.
The agreement was announced Monday by Memphis athletics director Tom Bowen. The deal was approved by the Tennessee State Board of Regents in December 2017 and takes effect July 1, 2018.
The university’s annual product allotment will start at $2.05 million for the 2018-19 school year and reaches $2.25 million by 2022-23, the fifth and final year of the agreement. The athletics department will receive $11.25 million in products over the length of the agreement. The previous five-year agreement was valued at $7.5 million, or $1.5 million annually.
The Memphis athletics program has been in partnership with Nike since 2008.
“Our decision to continue our agreement with Nike is first and foremost the fact that our student-athletes and our coaching staff want to be a Nike program,” Bowen said. “Their innovations, designs and superior customer service have been truly incredible. This new five-year agreement is a very strong statement on the relationship we are building together and the future for Tiger athletics. We are honored to remain part of the Nike family.”
