The school’s regents must still approve the agreement, though the lucrative deal is expected to go through.
Recently, the Michigan Wolverines signed a 15-year deal with Nike worth an estimated $169 million, which was considered the largest deal in college athletics; the Texas deal will easily surpass that.
Texas has been the No. 1 seller of T-shirts, hats and other merchandise for nine years in a row, according to the Collegiate Licensing Company rankings.
It was thought that Under Armour may pull Texas away from Nike, whom it has had a contract with since 2000. But Nike’s original contract boasted a right of first refusal, meaning it could match any contract another apparel company pushed forward.
For more information, visit nike.com. — J.B.