Alabama extends Nike contract through 2018, agreement valued at $30 million

Alabama has extended its agreement with Nike to be the school's exclusive supplier of athletic footwear, apparel and accessory products through 2018.
The contract originally was signed in 2002. The extension is valued at $30 million in cash and product, according to the school.
"This agreement strengthens our athletic department and enhances our relationship with Nike," Alabama athletics director Mal Moore said in a news release. "Together we sought an agreement that reflected our stature as a leader in collegiate athletics on and off the field. I feel this agreement reflects that stature."
In addition to outfitting Crimson Tide athletes and coaches, Nike will fund paid internships for two Alabama students each summer at the company's world headquarters in Beaverton, Ore.
Nike will continue to have licensing rights granted by Alabama and will pay the university a minimum of 12 percent on the sale of Alabama-logoed merchandise.