Interim AD Jim Hackett: "The right partner for U-M was Nike"

The Swoosh is back in town. However, it won't make an appearance for another year.

The University of Michigan athletic department formally announced an apparel deal to reunite with Nike set to begin in August, 2016.

"After careful consideration, the right partner for the University of Michigan was NIKE," said interim athletic director Jim Hackett in a statement. "This decision, this partnership is about more than Michigan athletics; at the core, it is about our University community and it is about two great names reuniting for an opportunity that speaks to more than uniforms and apparel.

"NIKE is a recognized leader in its field when it comes to product innovation and we look forward to future collaboration."

The agreement is set to begin on August 1, 2016 and will run through 2027 with a U-M option to extend to 2031. Nike will also supply all 31 U-M athletic programs with all equipment and apparel needs. Michigan and Nike will also collaborate on innovation initiatives in sports technology. Also included are student internships at Nike headquarters.

The apparel deal also includes the Jordan Brand "Jumpman" apparel for men's and women's basketball.

"The University of Michigan ranks high among the world's great institutions of higher learning and enjoys a rich, tradition-laden history in college sports. Nike is especially proud to partner with the Wolverines and have the opportunity once again to work with Michigan student-athletes, coaches, and staff. We eagerly look forward to bringing out the best in each other," said Joaquin Hidalgo, Vice President and General Manager, Nike North America in a statement.

Financial terms with Nike are set to become available the week of July 13, 2015. The current apparel contract with Adidas is set to expire in July, 2016.