H ere is the official release:
ALABAMA ATHLETICS AND NIKE EXTEND AGREEMENT THROUGH 2018
TUSCALOOSA – The University of Alabama and Nike, Inc., have signed an amendment to extend their agreement originally signed in 2002 for Nike to be the exclusive supplier of athletic footwear, apparel and accessory products to Crimson Tide athletics teams through June 30, 2018. The provisions of the agreement will take effect on July 1.
“This agreement strengthens our athletic department and enhances our relationship with Nike,” said UA Director of Athletics Mal Moore. “Together we sought an agreement that reflected our stature as a leader in collegiate athletics on and off the field. I feel this agreement reflects that stature.”
With this seven-year extension, valued at nearly $30 million in cash and product,, Nike will provide the athletic department with shoes, uniforms, coaching gear and other equipment. Over the life of the contract, the Athletic Department will allocate funds for all sports teams’ apparel and equipment as well as for the athletic department’s annual Power of Pink initiative in which the company will provide specific “pink garments” to be worn by each women’s sports team at one contest per year. Additionally, Nike will provide funds for paid internships for two UA students each summer at the company’s world headquarters in Beaverton, Ore.
In the contract, Nike will continue to have licensing rights granted by the University and will pay UA a premium royalty on the sale of Alabama-logoed merchandise at a minimum rate of 12 percent.
Alabama Athletics and Nike have affirmed their strong commitment to fair labor practices, a commitment that falls in line with the University of Alabama’s labor standards. Nike will continue to produce licensed product and provide product to the University made in factories that provide fair working conditions and operate consistent with the labor standards in the University’s license agreements and Nike’s Code of Conduct.
“All of us at Nike are proud of our long-standing relationship with the University of Alabama, its administration, coaches and student-athletes,” said Kit Morris, Nike’s Director of College Sports Marketing. “It is very meaningful for Nike to be a part of the rich tradition of excellence symbolized by the Crimson Tide.”
Teams, coaches and staff will exclusively use Nike-provided products for official games, practices and clinics.