Share Agreement Contract With Nike In Michigan
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Under this contract, Nike receives exclusive rights to the U. of Michigan's official sportswear for retail sale. The contract was a major merchandising boost for Nike. Besides receiving rights to the U-M logo, Nike gained worldwide product exposure, U-M coach endorsements, and advertising space on U-M property.
Mutuality of Obligation: Conditions for All Signees Mutuality of obligation means that both parties to the contract are bound by its terms. Mutuality is not present if one party is obligated to perform, but the other party is not. A contract will be found void if it lacks mutuality of obligation.
FSU's previous contract with Nike, signed in 2013, was scheduled to run through July 31, 2023. However, in May of 2019 the parties extended the agreement through 2029.
The remaining schools in the top 25 with Nike deals include Ohio State, Oregon, Texas, Alabama, Ole Miss, Penn State, Florida State, Missouri, LSU, Clemson, Tennessee, Oklahoma State, Kansas State, Arizona, USC and Iowa.
The Nike Air Zoom Pegasus running shoe with Michigan State Spartans branding retails for $149.99. You can find it on Fanatics. The Spartans visit Maryland in Week 2 on Sept. 7 in an early start to the Big Ten Conference season.
Under this contract, Nike receives exclusive rights to the U. of Michigan's official sportswear for retail sale. The contract was a major merchandising boost for Nike. Besides receiving rights to the U-M logo, Nike gained worldwide product exposure, U-M coach endorsements, and advertising space on U-M property.
“Michigan State Athletics extended its contract with Nike through 2027, per the latest contract (via FOIA),” Brooks said.
