The International Olympic Committee (IOC) has hailed the agreement reached between Nike, the Sydney Organizing Committee for the Olympic Games (SOCOG) and the Australian Olympic Committee for Nike to become a SOCOG sponsor.

The IOC said that it would like to congratulate all parties on the speed with which this partnership was culminated.

Nike will provide uniforms and sporting equipment to the athletes of the Australian Olympic and Paralympic teams for the Games in 2000,as well as the Olympic Winter Games in 2002 and the Olympic Games in 2004. (Xinhua)