Michigan, Nike officially announce $173 million deal

The Michigan Wolverines have been waiting to officially switch apparel deals from adidas since last year and on Tuesday morning it become official. According to the Detroit Free Press, Michigan’s deal with Nike and Jordan has become official.

The deal with Nike carries a whopping $173 million price tag.

Michigan’s deal is one of the richest in recent memory, but still falls short of the record-breaking deal with the rival Ohio State Buckeyes ($252 million) and Texas Longhorns ($200 million).

Michigan finalizes Nike contract for $173.8 million https://t.co/JWCEEYIhmt

— Mark Snyder (@Mark__Snyder) April 26, 2016

The most interesting thing to come from the new deal is the fact that Michigan will become the first college football program to wear the Jordan brand logo on its uniform. The Wolverines basketball team will follow suit.

Full details of the contract can be seen here.

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*Featured Photo (above) credit to USA TODAY Sports