The University of Miami has agreed upon a 12-year deal with Adidas.

It's also the longest deal Adidas has struck with any collegiate program.

A person familiar with the contract terms told The Associated Press that the deal is worth "multiple times" more than Miami's previous arrangement with Nike, which chose not to match Adidas' offer. 

"Their unmatched success, national relevance and cultural significance make them a perfect fit for Adidas as we continue to significantly invest and grow our business in the U.S," said Adidas Group North America President Mark King. "Florida is a key battleground and home to some of the best athletic talent in the country. We're proud to have Miami as a key pillar of our future business."