(Reuters) - Nike Inc won an eight-year merchandising and marketing contract with the National Basketball Association, replacing Adidas as its exclusive apparel provider and making it the first athletic apparel company to have its logo appear on team uniforms.
Nike, which has had a marketing agreement with the NBA since 1992, will become the association’s official on-court apparel provider beginning with the 2017-18 season, the company said on Wednesday.
Financial terms of the deal were not disclosed.
The agreement gives Nike manufacturing rights for jerseys, as well as on-court warm-up clothing and shooting shirts.
Rival Adidas AG had said in March that it would not renew its contract with the NBA as it felt it would be better to invest money in new products and players.
Adidas has been the association’s apparel partner since 2006 and its 11-year deal, worth about $400 million, expires at the end of the 2016-2017 season.
The new agreement also gives Nike, the world’s largest footwear maker, a greater presence at Women’s NBA events and makes it a marketing partner of the NBA Development League, the official minor league basketball association.
Reporting by Ramkumar Iyer in Bengaluru; Editing by Simon Jennings