Nike has extended its long-running partnership with USA Track & Field for the foreseeable future in a deal reported to be worth up to half a billion dollars.
The sportswear giant has been a loyal supporter of USATF, providing kit to athletes and other support, since 2001, and the new contract runs from 2017 to 2040.
Financial terms have not been disclosed, but ESPN cites sources claiming that the new deal is worth between $450 million and $500 million in cash and goods.
The current agreement, which runs from 2009 to 2017 is thought to be worth $10 million per year.
The latest deal includes sponsorship rights across footwear, apparel and retail categories and an exclusive licence for athletic footwear and apparel within the running and route tracking management app and social network category.
Nike will continue to sponsor the US indoor and outdoor athletics championships and supply kit to US teams at events including the Olympic Games, World Championships, World Junior Championships and Pan American Games.
Nike is the official outfitter of the US Olympic Committee in a deal which runs until the end of 2016, the year of the next summer games in Rio de Janeiro.
USATF chief executive Max Siegel said of the extension with Nike: "This new deal is a game-changer for the sport and what USATF will be able to offer all of our constituents. In working together with Nike, we placed an emphasis on growth as well as scope, so we can broaden the level and breadth of support for all USATF programmes. Nike’s support for USA Track & Field and the sport as a whole is unmatched, and we look forward to this new era of collaboration."
Nike chief executive and president Mark Parker added: "Nike was founded as a running company, and our passion for track and field is at the core of our DNA. We have been a longstanding partner of USATF since 1991 and are extremely proud to extend our partnership and commitment to the sport."Sportcal