University officials announced Tuesday, October 16, 2000 that UNC has signed one of the largest contracts ever agreed upon by Nike and a collegiate athletics department. The eight-year contract, the third UNC has entered with Nike, is valued at $28.34 million, a substantial increase from the University's current five-year $11.6 million contract that expires at the end of this school year.

As a part of the deal, Nike will give $800,000 to the Chancellor's Academic Enhancement Fund each year, money Moeser said will benefit undergraduate education. The contract also gives the Department of Athletics $200,000, half of which will be used to fund teams without additional Nike contracts.