The University of Michigan has finalized and updated its agreement with Nike Inc. to become the Wolverines’ official athletic footwear, apparel and equipment provider.

Nike will supply all 31 of U-M’s athletics programs with uniforms, footwear, apparel and equipment. U-M and Nike also will collaborate throughout the agreement on innovation initiatives in sports technology, design and best practices.

The agreement is valued at $173.8 million. That includes a $12 million initial payment to the university, $76.8 million in total annual payments and $85 million in apparel. The partnership takes effect Aug. 1 and runs through 2027, with an option to extend the agreement to 2031.

Here are some additional details about the partnership:

• U-M and Nike will collaborate throughout the agreement on innovation initiatives in sports technology, design and best practices including at least two community events per year that support and celebrate education in health and wellness initiatives.

• Included in the partnership are three student summer internships at Nike headquarters.

• The agreement includes use of the Jordan Brand “Jumpman” apparel for men’s and women’s basketball and football.

• Throughout the partnership, Nike will abide by the Nike Code of Conduct, which meets, exceeds or has equivalent treatment of all requirements in the U-M Code of Conduct for Licensees in addressing labor standards.

The agreement provides that Nike makes available the list of factories where collegiate product is made and provides for independent, external monitoring and investigation of those factories by third parties mutually agreed upon by U-M and Nike.

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