Oakland extends Nike deal for big money
Oakland University announced a 10-year extension Tuesday night to keep outfitting its 18 athletic teams and 300-plus athletes in Nike apparel.
The deal is believed to be worth between $1.13 million and $1.2 million.
The old deal, to expire in May 2016, was worth much less -- $45,000 over three years.
Oakland's new deal stipulates the school must purchase $150,000 of Nike gear per year.
"We think it's (Nike) a marquee brand in athletics in the industry," Oakland athletic director Jeff Konya said.
Oakland's men's basketball team recently visited Nike headquarters in Oregon, and got to use its practice facility before its game against Washington over the weekend.
The new deal was unveiled in a hype video during the second media timeout of Tuesday night's basketball game against No. 1 Michigan State at The Palace of Auburn Hills.
"Anchorman" Will Ferrell introduced the "breaking news," as OU calls this among the richest apparel deals in mid-major history.