Oct. 5, 2005
TALLAHASSEE, Fla. — Florida State University announced Wednesday it has extended its contractual partnership with NIKE USA, Inc. and the new agreement could run for 10 years. The agreement, valued at approximately $34 million, includes a $1 million gift from NIKE USA, Inc. targeted for support of a Human Performance Center Building near Mike Long Track. The proposed facility will include a research area associated with the FSU College of Medicine.
“We are very pleased to extend our partnership with NIKE for what we expect to be at least another 10 years,” said Dave Hart, director of athletics at FSU, who was responsible for negotiating the extension. “Our agreement with NIKE is one which benefits our total student-athlete population, our university and our Athletics Department in a variety of ways. As in any successful partnership, this relationship continues to be very good for both parties.”
The contract calls for NIKE USA, Inc. to make an immediate contribution of $500,000 to the Florida State University Foundation earmarked for the Human Performance Center with another half million due before Aug. 1, 2011. The base contribution from NIKE includes $50,000 per year specifically restricted for programs and/or projects related to women’s sports. The contract also calls for NIKE USA, Inc. to establish paid internships each year at NIKE’s World Headquarters for a male and a female undergraduate student from Florida State.
“The entire university has benefited from our relationship with NIKE over the years,” said FSU Vice President for University Relations Lee Hinkle. “The specific lead gift included in this extension is an important element in terms of servicing both our general student population and the research efforts of our College of Medicine. The contract is a good model for one of the ways our athletics programs benefit the entire university community.”
The amended contract went into effect Oct. 1, 2005 and is extended until July 31, 2010 with a five-year renewal term subject to approval in 2010.