After 18 years apart, the University of Tennessee athletics department will retain NIKE as its official apparel provider on July 1, 2015. The eight-year contract signed this week is valued at roughly $35 million. The school has 17 months remaining on its current contract with adidas.
The agreement, which runs through June 30, 2023, will supply all 20 Vol and Lady Vol athletics programs, including cheerleaders, with NIKE apparel and uniforms, footwear and additional equipment.
"We were very thorough and deliberate in assessing and evaluating our options with our apparel partner decision," athletics director Dave Hart said in a news release. "NIKE is the right partner for the University of Tennessee moving forward. We appreciate our current partner and the strong relationship we have had for many years. We will continue to work together through the end of the existing contract."
Tennessee was a "NIKE school" previously but switched to adidas in 1997. Thus, the new contract is a reunion of sorts.
"NIKE is especially proud to resume our association with the University of Tennessee" said Kit Morris, Nike Sports Marketing Director. "We admire their rich tradition and are enthusiastic to begin working once again with Volunteer student-athletes, coaches, and programs."
As part of the agreement Tennessee will receive a $2 million "commitment bonus" on or before July 1 of this year.
The 24-page contract with NIKE includes several noteworthy incentive clauses. For instance, Tennessee will receive an additional $10,000 from NIKE for each time the football team participates in an SEC Championship Game. There will be another $20,000 for winning an SEC Championship Game. A bowl game brings a $25,000 bonus. Making the BCS title game nets $50,000, and winning it brings $100,000.
Men's basketball has the following incentives:
$10,000 for winning the SEC Tournament
$25,000 for making the NCAA Tournament's Final Four
$50,000 for winning the NCAA Tournament
Women's basketball incentives are as follows:
$5,000 for winning the SEC Tournament
$10,000 for making the NCAA Tournament's Final Four
$15,000 for winning the NCAA Tournament