Nike has been the shoe/apparel company of Texas since 2000.
But Nike’s exclusive negotiating period to strike a new deal with Texas ended Wednesday.
One key source told HornsDigest.com Texas and Nike were “far apart” and that Under Armour was already given a date to make its proposal to Texas during the first week of October. HD has been told Under Armour could make its pitch to Texas as early as Sunday (Oct. 4)
Two sources close to the situation said former athletic director Steve Patterson was never going to agree to a Nike deal until he had at least heard a proposal from Under Armour and/or any other potential bidders such as Adidas.
According to those sources, that strategy was carried out under Texas women's athletic director Chris Plonsky and Patterson protégé Steve Hank – UT’s chief revenue officer. Texas' interim athletic director Mike Perrin and other UT officials, including vice president for finance and administration Patty Ohlendorf, are now expected to be involved in final decision-making.
Nike would have the ability to match any proposal, the sources said, adding that UT's strategy could very well drive the price of doing business up for whoever wins the bid by “80 to 120 million dollars.”
Sources have indicated to HornsDigest UT’s new shoe/apparel deal could end up being 10-plus years and well in excess of $200 million, which would be record-breaking.
Michigan and Nike agreed to an 11-year, $169 million deal (roughly $15.4 million annually) earlier this year. According to reports, Under Armour inked a 10-year, $90 million agreement with Notre Dame in 2014.