Nike has agreed to pay $120 million to sponsor the U.S. Soccer Federation, the governing body for the sport in the country, The Wall Street Journal reported today. The deal is worth about 10 times as much as the federation's current contract with Nike.
The money is to be paid over the next eight years.
The chairman of the federation, Alan Rothenberg, called the deal an indication of "where U.S. soccer is and where it's going."
"Our commercial potential is enormous," he said.
Nike is trying to dominate the sport, the report said. It has only 12 percent of the U.S. soccer shoe market and Adidas has 42 percent, the report said. Adidas also leads Nike in the soccer apparel market.