We had heard that Texas was close to reaching a deal to stay with Nike, and now the Austin American-Statesman is reporting the two have agreed to a 15-year deal that will keep the university flush with cash.
“Two sources familiar with the negotiations said the talks are complete. However, the contract must be forwarded to the UT System Board of Regents for final approval.”
Just what kind of money the deal means for the Longhorns isn’t known just yet, but the annual amount is said to be well more than the deal the apparel giant made with Michigan. That would make it the richest apparel contract in college sports. Michigan’s deal is reportedly worth between $10.1 million to $10.9 million per year. To put that into perspective on how it stacks up to the rest of the country, the Longhorns were runner-up to UofM at around $5.5 per year.
Although the writing has been on the wall for a few weeks now, news of an agreement has to be devastating for Under Armour. The apparel upstart wasn’t shy about being all in on the Longhorns, and even set up an office in Austin. However, their advances were rebuffed before they even got a foot in the door.
Former athletic director Steve Patterson was reportedly open to making the switch if Nike wasn’t going to match UA’s offer, but Patterson “resigned”, and Under Armour didn’t even get to make a pitch. Unlike the former AD, interim AD Mike Perrin values the 16-year relationship Texas and Nike have had, and reportedly cancelled a scheduled October 4th meeting with Under Armour.