UT Signs $250 Million Apparel Deal with Nike

[TexasTowelie]

Its football team has struggled lately, but the University of Texas at Austin proved on Friday that its athletics department is still unparalleled in financial might.

The UT System Board of Regents approved a new 15-year licensing and apparel agreement with Nike worth $250 million. School officials said it's the biggest contract ever signed between a school and an apparel company.

The deal includes an up-front cash payment of $20 million plus annual payments of $6.5 million. Nike will also supply apparel, equipment and internships for University of Texas students. And it promises to create a signature line of apparel featuring the brands of UT-Austin and it's famous former basketball player Kevin Durant.

"We view this as a tremendous opportunity for our intercollegiate athletics," said UT-Austin President Greg Fenves.

Read more: http://www.texastribune.org/2015/10/30/ut-signs-record-apparel-deal-nike-250-million-over/

[hughee99]

1. Congrats to the University of Texas. As the poster child for mediocrity on the field,

it's a great victory for them to get such a deal.