Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, October 3, 1993 TAG: 9310030221
SECTION: SPORTS PAGE: C2 EDITION: METRO
SOURCE: From Associated Press reports
DATELINE: LENGTH: Short
The four-year contract with the Oregon-based shoe and apparel firm is worth an estimated $4.7 million, athletic director John Swofford said in a joint news conference with Smith on Saturday in Chapel Hill, N.C.
Smith also will receive $300,000 yearly. That money will be divided among five categories, including $135,000 annually going to the assistant basketball coaches. Nike also has agreed to fund an international trip for the basketball team that's worth about $200,000.
The deal, announced several months ago, was finalized Saturday.
It includes 200 pairs of basketball shoes for the team during the 1993-94 season and 500 pairs of football shoes for coach Mack Brown's squad in 1994-95.
The athletic department's decision breaks a relationship with Converse spanning the length of Smith's tenure at Chapel Hill, except for the 1969-70 season, when players were allowed to wear the basketball shoes of their choice.
But Smith and Swofford said Converse was unable to offer clothing.
Smith said he previously had two four-year contracts with Converse, but refused to say how much he was paid.
The decision to switch to Nike was voted upon by the seniors on the basketball team, Smith said.
Smith's payment from Nike is a one-time bonus. He said he will give all of the $500,000 to charity.
by CNB