Carolina has agreed to a $7.1 million contract with Nike Inc. that will aid both athletics and academics, the University said.
The contract, which runs through June 30, 2002, is UNC's second with the sports apparel firm.
Separate contracts--subject to University approval--will be negotiated by Nike and several Tar Heel coaches and are expected to be valued at approximately an additional $800,000 a year for five years. Those contracts were expected to be completed soon.
"Nike is interested in the University of North Carolina at Chapel Hill because of what we stand for in integrity and excellence on and off the playing field," said Chancellor Michael Hooker.
The 1993 contract between Carolina and Nike was valued at about $4.5 million, including the coaches' contracts.
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