Hey, we don’t send out the press releases, we just publish them with a few insightful comments.
THE RICH GET RICHER (Not the actual headline)
North Carolina has signed a 10-year deal with Nike estimated to be worth nearly $38 million to be the exclusive supplier of athletic footwear, apparel and accessory products to the Tar Heels, the school announced.
This marks UNC's fourth contract with Nike, and it is retroactive to July 1, 2008.
What he said: “The University of North Carolina is proud of its long-standing relationship with Nike,” UNC athletics director Dick Baddour said in a prepared statement. “This partnership hasbenefitted all 28 varsity sports and provided millions of dollars for academics and student scholarships at the University.”
What he meant: “Show me the money!!”
In addition to apparel and equipment — the value of which ranges from $2.8 million in the first year of the contract, to $3.4 million in the 10th – Nike will give the University $2 million to the Chancellor’s Academic Enhancement Fund. Chancellor Holden Thorp says he will direct the funds to faculty support, according to the news release. The athletics department will also receive $1 million for signing the contract; those funds are being used to overhaul lighting and sound at the Smith Center. Maybe some new paint on the seats would be a good call…?
Nike has also entered into individual contracts with each of UNC’s head coaches; only seven coaches had individual contracts with the company in the past.
The coaches collectively released a statement to the press saying, “Woo-hoo, they showed us the money!!”
Yes, sports are expensive, and, yes, they pay big dividends to the schools, but when there are no games to focus on the hypocrisy of it all becomes even more glaring… Oh well, football starts in 63 days…