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Nike, USA Track and Field extend sponsorship deal through 2040
April 16, 2014 / 11:26 PM / 4 years ago

Nike, USA Track and Field extend sponsorship deal through 2040

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.

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

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., 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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