The Indiana Hoosiers and Adidas have agreed to an extension on their apparel contract that will nearly double the school’s revenue over the next eight years. The school will reportedly now receive $6.7 million annually, as opposed to $3.7 million in their former deal.
The news comes from Indy Star and the deal is worth $53.6 million over the next eight years. It is currently one of the top five richest apparel deals in all college athletics. A database in the Portland Business Journal states that the annual payout would rank the school third in the nation for the 2014-15 academic year.
Indiana athletic director Fred Glass is excited to continue the school’s partnership with the apparel company.
“Adidas fits us well,” Glass said. “We’ve had a long relationship with them.” The Hoosiers have been under contract with Adidas since 2004 and the new deal guarantees them through 2024.
From the Indy Star:
The deal will increase Adidas’ annual payment to IU by 81 percent, allocate extra funds both parties can use for “co-marketing” and provide alternate uniforms and helmets for Indiana’s football program. Adidas will also provide an optional alternate uniform for the Hoosiers’ men’s basketball program each year.
The school has had issues in the past with different sports’ uniforms not being on the same level with their color and design. Adidas hopes to change that in the future.
“I think we’ve improved on that over the years, but we’re going to try and do that even better,” Glass said. “Trying to get the colors right, we want to make sure we have that lined up.”
What do you think Hoosier fans? Will Adidas continue to provide great apparel for the school or should they have gone in a different direction? Let us know in the comments below!
*Featured Photo (above) credit to USA TODAY Sports