Nike extends sponsorship deal with Ohio State University

Nike Inc extended its sponsorship deal with the Ohio State University by 15 years, the university said on Thursday.

The majority of the benefits of the deal will start to take effect in August 2018, when the previous contract would have expired, according to a university statement.

Ohio State University, home to the Buckeyes sports teams, will receive $112 million in Nike products and the rest in cash, according to terms of the contract reviewed by The Wall Street Journal.

The deal is valued at $252 million, according to the Wall Street Journal.

Nike declined to comment on the news.

The agreement includes commitments by Nike for scholarships and internships for non-athletes at the university.