Clemson Director of Athletics Dan Radakovich announced Friday, though a press release, Clemson Athletics and Nike have reached an agreement for a 10-year, $58 million extension to their all-sport partnership.
The new agreement more than doubles the annual value of the previous agreement between Clemson and Nike, including a cash increase from $115,000 to $400,000 annually and extends the Clemson-Nike footwear, apparel and equipment partnership through 2027-28. Clemson and Nike have been partners dating back to 2002.
It provides that Nike’s marketing team and Clemson’s Creative Solutions team meet annually to collaborate on innovative projects that promote the two brands.
Clemson’s royalty rate for co-branded Clemson-Nike product increases from 11-percent to 14-percent, which will generate greater licensing revenue for Clemson Athletics. Clemson now has one of the highest average annual value agreements with Nike in college athletics despite modest totals in enrollment, living alumni and state population totals.
The extension ensures that Clemson continues its partnership with Nike, the No. 1 apparel brand in the world.