Miami reportedly signs record deal with Nike, moves on from Adidas
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Miami reportedly signs record deal with Nike, moves on from Adidas originally appeared on The Sporting News.
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The Miami Hurricanes have reportedly signed a historic contract to reunite with Nike after a decade with Adidas.
The university and Nike have agreed to a 10-year contract worth over $200 million starting with the 2027 football season, according to Barry Jackson of the Miami Herald.
The previous deal, Miami agreed to in 2015 with Adidas, was worth $90 million over the course of 12 years. Before that was in place, Miami had been a Nike school since 1987. This secures one of college football's top teams over the course of the next decade.
This will also spark nostalgia among those who remember the heyday of the Hurricanes in the 80s and 90s. Nike made Miami the first school to sign with the worldwide outfitter in 1986.
The Hurricanes helped put Nike on the map in college football. After winning the 1987 Orange Bowl by beating Oklahoma 20-14, Miami earned the second title in school history and the only one under head coach Jimmy Johnson. Overall, the Hurricanes won four college football championships while being aligned with Nike.
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Miami was reportedly presented a counteroffer by Adidas, but it fell short of the terms Nike was presenting to them. According to Jackson, the Nike deal is worth around $20 million annually, including $13 million in cash with the remaining value in apparel. This is double the cash value of what Adidas is currently offering the Canes.
This is further proof that Nike is trying to compete in the current landscape of college football. After losing Penn State and Tennessee to Adidas, Nike is cashing in with a better brand overall. Miami was last season's runner-up in the College Football Playoff and is positioned to compete for years to come.
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