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Nike To Replace Reebok As 2000 Olympics Sponsor -- January 28, 2000

Lausanne, Switzerland - Nike will replace Reebok as a sponsor at the Sydney Olympics, the International Olympic Committee announced Sunday. The sports gear company also will outfit the Australian Olympic and Paralympic teams, IOC vice president Dick Pound said. He called it "perhaps one of the fastest partnerships ever recorded."

Reebok said Wednesday it was suing the Sydney organizing committee, which it said breached its contract by allowing rival companies to supply Olympic clothing for sale.

Reebok said it was ending a sponsorship deal estimated at between $6.3 million and $9.5 million. "I don't want to pass judgment on any of the issues that may be involved at this time," Pound said.