(Reuters) - Nike Inc signed a $252 million deal with Ohio State University to extend its sponsorship by 15 years, the Wall Street Journal reported on Thursday.
Ohio State University, home to the Buckeyes sports teams, will receive $112 million in Nike product and the rest in cash, according to terms of the contract reviewed by the Wall Street Journal. (on.wsj.com/1P3kHHF)
Nike declined to comment on the news. Ohio State University was not immediately available for comment.
The agreement will mostly take effect with the 2018-2019 season and includes more than $41 million in commitment for scholarships and internships for non-athletes at the university, the report said.
The school was first approached for a contract extension by Nike in 2014, WSJ said, citing Gene Smith, the athletic director at the school.
Reporting by Yashaswini Swamynathan in Bengaluru