Adidas extended its contract with Indiana University for the next eight years, giving IU $6.7 million annually, which is twice the amount compared to their previous deal. The deal worth $53.6 million in total is good until 2024. The ten-year previous contract between IU and Adidas will end after this academic year.
It is among the richest apparel deals when it comes to college sports. The University of Michigan and University of California, LA even have more expensive deals than IU with the apparel company.
Indiana University sought the assistance of Navigate Research, a research and analysis company that specializes in sports and entertainment, in order to provide IU with better plans of its value in the clothing market as compared to other brands.
Glass shared that the research team was crucial in helping IU understand their value. The team also, according to Glass, helped them appreciate their value and the things that they can do to potentially improve their brand's value.
IU also entertained offers from Under Armour and Nike but eventually, the deal extension with Adidas won.
Glass mentioned that Adidas and IU share common things such as valuing and taking pride of their stability, tradition and classic look.
IU executive, Fred Glass, stated that they are pleased with the continuing relationship with the company and that they are eager to bring the wonderful partnership in the coming years.
Included in their contract will be Adidas' provision of uniforms to the university's 24 varsity teams. Adidas will also ensure that the color and design are consistent with the cream and crimson hues. Alternate uniforms for the basketball and football programs will also be provided by the apparel company.
Recently, college sports apparel deals are dramatically improving financially and have become the symbol of the status and influence of different programs' brands.
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