Nike, USA Track and Field extend sponsorship deal through 2040

NEW YORK Wed Apr 16, 2014 7:24pm EDT

People walks past a Nike shop under the company logo at the Sanlitun shopping area in central Beijing, August 8, 2013. REUTERS/Petar Kujundzic

People walks past a Nike shop under the company logo at the Sanlitun shopping area in central Beijing, August 8, 2013.

Credit: Reuters/Petar Kujundzic

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NEW YORK (Reuters) - Nike Inc (NKE.N) and USA Track & Field said on Wednesday they are extending their current partnership, which includes the provision of gear for events such as the Olympics, through 2040.

Nike and USATF did not disclose the terms of their partnership, but both said in a press release that it "significantly increases" support for track and field athletes in the United States.

ESPN.com, citing sources, said the new deal is worth between $450 million and $500 million in cash and goods, compared with their earlier deal, signed in 2009 and running through 2017, worth about $10 million a year. Nike declined to comment.

Nike will continue to sponsor USATF's Indoor and Outdoor Track & Field Championships and will outfit all USATF teams at major competitions such as the Olympic Games, the Pan American Games and the World Junior Championships.

Nike has been a partner of USATF since 1991 and is the track and field governing body's largest corporate sponsor.

Nike's running business generated $4.28 billion in sales in fiscal 2013, easily the company's biggest segment.

(Reporting by Phil Wahba in New York; Editing by Steve Orlofsky)

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