Hardaway’s Lil’ Penny campaign is still considered by many to be Nike’s most successful basketball marketing in its long storied history. If Memphis had signed an apparel contract with a company other than Nike, Hardaway said last week “that would’ve been interesting because I can only wear Nike.”. The Memphis contract is also worth more than what other American Athletic Conference schools such as Houston ($1.3 million annually, according to the Portland Business Journal) receive from Nike. NBA All Star and USA Olympian Michael Redd of the Milwaukee Bucks signed a $91 million dollar, fully guaranteed, max deal. Hardaway reported $80,000 in income for camps and clinics, as well as $91,000 for commercials. Ewing's financials are not made public because Georgetown is a private institution. "Our decision to continue our agreement with Nike is first and foremost the fact that our student-athletes and our coaching staff want to be a Nike program," Memphis Athletic Director Tom Bowen said in a statement. It is unclear whether Nike is the source of the full amount, and neither Hardaway nor Nike responded to a request for comment this week. The financial terms of Hardaway’s agreement with Nike are unknown, but he was allowed to keep his individual sponsorship with Nike after Memphis hired him in March. The university also filed a request with the TBR for noncompetitive negotiations as part of its contract extension proposal with Nike, according to a document obtained in an open records request. QB Carson Palmer was selected number 1 overall by the Cincinnati Bengals that year. This contract was not surpassed until 10 years later when LeBron James was drafted in the NBA in 2003. This contract was not surpassed until 10 years later when LeBron James was drafted in the NBA in 2003. Johnson held a press conference to announce a new five-year, $11.3 million exclusive contract with Nike to provide shoes, apparel and equipment for all Tigers athletic teams. Also in 2015, the University of Cincinnati increased its annual financial windfall by more than $2 million when it switched from Adidas to Under Armour and signed a 10-year, $47 million contract. More:How much do state's universities earn from apparel contracts? Lil’ Penny was brought to life as a talking toy doll. The lucrative contract included a mental disability guarantee, which had never been done in Phoenix Suns history. The contract includes a $15.9 million dollar guarantee and allows Hankins to possibly receive another big pay day when he turns 28 years old, the physical prime years of his NFL career. Tigers athletic director Laird Veatch said he is confident both sides will reach an agreement on a long-form contract soon. Penny Hardaway first appeared on the big screen when he played the Chicago high school basketball star Butch McRae in the 1994 movie production “Blue Chips, a drama film about basketball, also starring Nick Nolte, Shaquille O’Neal, and Mary McDonnell. But the Tigers’ deal still falls short of what several other AAC public institutions receive under terms of their apparel agreements. (But) with the (coronavirus) crisis we’re going through right now, that needs to circumvent those things. Hardaway, the 3rd overall draft selection in the first round by the Orlando Magic, received a rookie deal which exceeded that of Shaquille O’Neal’s, who was the first overall selection by the same team the year before. In the 2013 contract extension, Nike replaced those annual contributions to the university with monetary bonuses tied to the performance of the football, men’s basketball and women’s basketball programs. Memphis was coming off an appearance in the men’s basketball national championship game under former coach John Calipari, and Johnson declared the agreement symbolized a “historic” and “very prestigious day for Memphis athletics.” Until then, there was no apparel deal for the entire athletic department. Charles Woodson received the largest shoe and apparel deal of any NFL player with The Jordan Brand. Further details regarding that stipulation are not included in the MOU. NFL rookie Jourdan Lewis received an NFL contract better than 5 players drafted before him under the rookie salary cap system. In June 2018, Memphis agreed to a five-year extension worth $11.25 million that will keep Nike as the university’s exclusive shoe and apparel provider for all sports teams through the 2022-23 season. Penny Hardaway received a fully guaranteed max deal of $87.6 million dollars over 6 years when he joined the Phoenix Suns in a sign and trade deal. Last year, for instance, the University of Connecticut signed a six-year contract with Nike that is reportedly worth $32.45 million. Since Calipari became the head coach at Kentucky one year into the original Nike contract, what was announced as an $11.3 million deal in 2008 ended up being worth $10.31 million. "Their innovations, designs and superior customer service have been truly incredible. Hardaway moved ahead of Chicago Bulls star Michael Jordan. Memphis men's basketball coach Penny Hardaway's three-year contract is worth at least $4.8 million and includes lucrative incentives based on … Included among the terms of the agreement he signed in 2018 is a provision involving "the renegotiation of the contract after year two." Both the bonus structure and the 12 percent royalty rate remain unchanged in the new five-year contract that is effective July 1. Jordan had been No. Apparel deals help athletic departments offset budgetary needs and have been particularly lucrative for Power 5 conference schools. In addition, the University of Memphis Board of Trustees chairman, FedEx CFO Alan Graf, is a member of Nike’s Board of Directors. This contract was considered by many NFL experts to be the best contract of that year’s first round. On Nov. 12, 2008, University of Memphis Athletic Director R.C. Georgetown coach Patrick Ewing has his own shoe line through his company, Ewing Athletics. What four faces would be on a Memphis sports Mount Rushmore? $ 50 Million Anfernee Deon “Penny” Hardaway is a former professional basketball player who played in the National Basketball Association (NBA). Almost 10 years later to the day, and months before Memphis made a splash by hiring Penny Hardaway as its new men’s basketball coach, university President M. David Rudd quietly signed a five-year extension uniting Memphis athletics with Nike through June 30, 2023, according to documents obtained by The Commercial Appeal through an open records request. All rights reserved. This contract proved to be one of the largest NFL free agent contracts for a non-quarterback at the time. We are honored to remain a part of the Nike family.". Henderson received a 5 year, $25 million dollar deal from the Minnesota Vikings. Hardaway is still working under the parameters of the original deal, which is set to expire after the 2020-21 season. In the “Money” section of USA Today, April 9, 1996, Penny Hardaway’s marketing was rated number 1 as he became most popular athlete ranked by teens in a study which was released by research firm Teenage Research Unlimited. In 2015, Temple University agreed to a 10-year deal with Under Armour worth $30 million, according to the Philadelphia Inquirer. “There’s a time for competition and recruiting, and then there’s a time for decisions and agreements. Its new eight-year contract is reportedly worth at least $24 million and could be as much as $30 million with incentives. And (Hardaway) recognizes that. © DEAL, LLC All Rights Reserved • Site Credits. At Memphis, this was the second five-year extension signed with Nike since the original agreement a decade ago. In his rookie NBA season, Anfernee “Penny” Hardaway received a record breaking $68 million dollar pact over 8 years, which was called the most creative contract in NBA history at the time by many observers. The deal represented the first time in NBA history that a second round draft selection received an NBA max contract. 'Excitement's in the air' as new Memphis fans flock to FedExForum for season tickets. Introducing Lil' Penny. Hardaway reported an additional $171,000 in non-coaching income from commercials and camps. Charles Woodson makes cover of video game, Blitz - Gameboy Advanced. Penny Hardaway was the first NBA point guard to ever receive from Nike his own signature model basketball shoe, "Air Penny." North Carolina coach Roy Williams earned $260,000 last year, per a 10-year personal appearances agreement. According to the memorandum of understanding Hardaway signed with Memphis when he was hired in March 2018, he earned $1.6 million in total compensation for his second year as coach and is set to make $1.9 million next season. Hardaway received the largest contract in Nike basketball history when his second shoe and apparel contract was negotiated, surpassing Michael Jordan's second deal with the manufacturer. The university’s annual product allotment will start at $2.05 million during the 2018-19 school year and increase to $2.25 million by 2022-23. More recently, The Athletic ranked the top 25 greatest NBA signature shoe lines of all time and Hardaway's ranked fourth (behind Jordan, LeBron James and Kobe Bryant) in the staff vote and third in the fan/reader vote (behind Jordan and Bryant). Linebacker E.J. Johnathan Hankins, at the young age of 25, received a 3 year, $30 million dollar deal in NFL free agency. However, the Memphis basketball coach's outside income report from fiscal year 2019 shows he made $3 million in "equipment and shoe contracts," according to documents obtained by The Commercial Appeal via an open records request. Presently, He … Lil’ Penny was brought to life as a talking toy doll. More:Penny Hardaway confirms Sam Mitchell will be Memphis assistant, talks workout standouts and more, More:AAC announces Memphis basketball's conference opponents for Penny Hardaway's first season. But unlike nearby schools such as Tennessee or Louisville, which have seen money from Nike, Adidas or Under Armour skyrocket in recent years, the value of these deals has remained largely stagnant for the Tigers.
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