The University of Miami and Adidas will partner for the next 12 years in a deal that has the potential to become the most lucrative in the history of Hurricane 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 Wednesday night on condition of anonymity because neither side authorized the release of specific 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 may still be incorporated into the partnership, which would run through the 2026-27 academic year.
The university and Adidas both declined comment until a Thursday morning news conference.
Miami, as a private institution, is not obligated to reveal the financial specifics of the new arrangement. But the deal figures to be massive for the Hurricanes.
Last year, Adidas and Louisville agreed to a deal worth $7.8 million annually. If the Miami one is similar — as would be expected — it could be worth more than $90 million over the life of the contract.
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Adidas announced the partnership early Thursday with the unveiling of a colorful splash built around Miami's iconic "U'' logo and orange and green color scheme on its Twitter page. The contract with Miami officially begins Sept. 1.
It's the latest significant deal struck by Miami's athletic department, with other recent entries including the construction of a new building housing an academic center, offices, meeting space and expanded athletic training rooms, among other amenities; a new scoreboard for the school's basketball arena; a practice field for the football team; and most recently, a new track.
Miami's relationship with Nike lasted more than a quarter-century and was considered groundbreaking, the first of its kind for a college and an apparel company. The school informed Nike about a year ago that it would seek bids from other companies, and Adidas and Under Armour both pursued the Hurricane brand.
Some aspects of what the deal means for Miami are still unclear. The school uses Nike basketballs, for example, but will almost certainly be switching to another brand after this season. Miami's baseball team has a separate contract for bats, so that likely wouldn't be affected.
