There was hardly a peep made at the time, but according to Powell Latimer of Warchant.com, Florida State renegotiated its apparel contract with Nike in June 2013, likely locking it in with the sporting magnate until 2022-23.
Warchant.com obtained the quiet contract—which can be seen in full here—through an open records request. But if legal jargon isn't your thing, Latimer expounded on the specifics of the deal:
The extension, signed June 27 of last year, stipulates that NIKE will provide FSU an average of 1.45 million in cash each year and 2.9 million in supplied product each year for five years, with a potential extension through 2022-2023. It also came with a hefty $3 million signing bonus. As a total, FSU's apparel contract is valued at roughly $24.5 million over the first five years, with a slight increase to $25 million in the next five years if the extension is signed.
That contract puts FSU shy of the largest national apparel deals but still among the most well-compensated universities in college sports.
FSU's contract with NIKE has been renegotiated in 1998, 2005 and 2011 before the 2013 amendment. The past two amendments have both extended the term of the contract through 2022-2023 and significantly increased FSU's compensation from NIKE, from an original base compensation of $1 million per year to the current $1.45 million average.
According to Latimer, Nike played a big part in the logo and uniform redesign that was debuted during the Florida State spring game.
The logo was met with fervent backlash, but the unveiling of the new uniforms was a positive step for the Seminoles.
Tom Fornelli of CBSSports.com says they "aren't terrible, and that's the only thing I ask for these days." Amen to that:
According to Latimer, associate athletic director Monk Bonasorte said the new Nike contract was at first negotiated by former Florida State athletic director Randy Spetman but signed soon after he was removed from his position.
"The initial conversations were between Randy and Nike, and then everyone gets involved in it from the CFO, to the president, but most of that is internally within athletics," Bonasorte elaborated. "You're letting lawyers and president know so they're not surprised."
While not the most splashy apparel contract in the country—Latimer notes that Nike doesn't shell out the same lucrative compensation as Adidas and Under Armour have—this is a stable move for the FSU program and something it won't have to worry about for another near-decade.
What do you think of the extension?
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