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Adidas to continue providing apparel for Indiana through 2024

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Indiana has chosen to renew its contract with the clothing manufacturer for $53.6 million over the next eight years.

Matthew Emmons-USA TODAY Sports

Per the Indy Star, IU has extended their agreement with Adidas to be the official apparel provider of IU athletics through 2024.

<blockquote class="twitter-tweet" lang="en"><p lang="en" dir="ltr">BREAKING: IU, Adidas extend apparel agreement through 2024. Annual payment up by $3 million: <a href="http://t.co/reFgl21B80">http://t.co/reFgl21B80</a> <a href="https://twitter.com/hashtag/iubb?src=hash">#iubb</a> <a href="https://twitter.com/hashtag/iufb?src=hash">#iufb</a></p>&mdash; ZachOsterman (@ZachOsterman) <a href="https://twitter.com/ZachOsterman/status/633428357217054720">August 18, 2015</a></blockquote>
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The key component of this deal is that the university will make almost twice as much money per year. IU's current deal with Adidas is for $3.7 million per year. Under the new deal, Adidas will pay $6.7 million per year, for a total of $56.3 million throughout the life of the contract. The deal is one of the five richest in college athletics, and comes off the heels of Michigan recently leaving Adidas to sign a new deal with Nike.