Nebraska regents OK $128 million, 11-year deal with Adidas

Markets Associated Press

Adidas and Nebraska have agreed to a new sponsorship deal that will funnel more than $128 million in cash and goods to the athletic department over the next 11 years.

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The university's Board of Regents on Friday unanimously approved the contract extension. Adidas will pay $64 million in cash and provide $64.7 million in apparel and equipment.

A 2015 agreement was to run through next June, but the deal approved Friday begins immediately. That means Adidas will pay $3.5 million in cash in 2017-18 instead of the $1 million promised under the previous agreement.

In return, Adidas receives major signage and other recognition from Nebraska.

Adidas has been Nebraska's apparel sponsor since 1995.