As a current USOC sponsor, Nike had first-negotiation rights with the LA28-USOC joint ventureGETTY IMAGES
LA28 is "finalizing a blockbuster deal to make Nike a sponsor" of the '28 L.A. Games and Team USA "through that year, with an option for Nike to extend its rights" through '32, according to Lefton & Fischer of SPORTS BUSINESS JOURNAL. The pact is the "first long-term sponsorship completed by U.S. Olympic and Paralympic Properties, the joint sales venture" of LA28 and the USOC that launched in January. Terms are not known, but sources "described it as a comprehensive shoe and apparel deal covering everything from consumer merchandise to volunteer uniforms to the outfits American medalists will wear on the podium." Sources said that the joint venture is "pricing top-tier packages" for the '28 Games and USOC rights from '21-28 "well into the nine figures." Nike has been a USOC footwear and apparel sponsor since '05, and its current agreement, "believed to be worth" about $4M annually, extends through '20. As a current USOC sponsor, Nike had "first-negotiation rights with the joint venture." The host cities of the '20 Tokyo and '24 Paris Games are "two of Nike's most important foreign markets" (SPORTS BUSINESS JOURNAL, 3/4 issue).
