Nike is reportedly sealing a deal becoming the first major sponsor of the Los Angeles 2028 Olympic Games.
According to a report published in Sports Business Journal (SBJ), the deal which is about be finalized also features an agreement to make Nike the official sponsor of Team USA across that year of 2028, with an option for the sportswear major to extend its rights through 2032.
With details of the deals are yet to put on paper, it set to entitle Nike an outfitter of volunteer uniform along with an lucrative offer of giving the sportswear company access to o manufacturing, branding and promotional rights for the sporting event.
The Los Angeles games will mark the first summer Olympic Games to take place in the United States in 32 years, and some experts project that Nike is likely to pay as much as $200 million to capitalize on the rare event’s marketing possibilities.
The long-term sponsorship deal between the sportswear company and the United States Olympic and Paralympic Properties, the joint sales venture of Los Angeles and the United States Olympic Committee (USOC), would be the first step towards the 2028 games’ $2.5 billion domestic sponsorship target, according to SBJ.
If all goes according to plan, the Los Angeles games agreement will be the latest on the list of Nike’s elite-level sporting partnerships, including deals with Major League Baseball and the National Football League until 2030 and USA Track & Field until 2040.