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The University of Texas and Nike have come to terms on a record apparel deal that could net the university nearly $250 million in benefits over 15 years, possibly setting a new standard for elite college athletic programs.
The deal runs from July 1, 2016 to June 30, 2031. It would replace the Nike deal that's set to expire on June 30, 2016.
The University of Texas Board of Regents approved the terms Friday, but the final contract has not been negotiated. Terms aren't expected to change.
The deal works out to an average of $13.6 million in cash and gear annually for the school.
That likely makes it the biggest university apparel deal and sets $10 million as the new standard for the annual value of the apparel deal of an elite program.
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