CORAL GABLES, Fla. — The University of Miami and Adidas announced Thursday that they will partner for the next 12 years in a deal that has the potential to become the most lucrative in the history of Hurricanes athletics.
It’s also the longest deal Adidas has struck with any collegiate program.
A person familiar with the contract terms told The Associated Press that the deal is worth “multiple times” more than Miami’s previous arrangement with Nike, which chose not to match Adidas’ offer. The person spoke on condition of anonymity because neither side authorized the release of specific financial terms.
The deal has three components: cash going to Miami each year, an allotment of merchandise for the school’s athletic programs and a marketing agreement. Other elements still may be incorporated into the partnership, which the Hurricanes said would run through June 30, 2027.
Miami, as a private institution, is not obligated to reveal the financial specifics of the new arrangement.
