• Nike will air its first ad in the Super Bowl in 27 years on Sunday.
• The brand's return to the big game comes as its new CEO looks to reverse a sales slump.
• It has shaken up its marketing division and wants to create cultural moments to elevate its brands.

Nike is making a surprise return as a Super Bowl advertiser for the first time in 27 years.

JPMorgan analysts stole Nike's thunder by sharing the news in a research note published Thursday following a meeting with the brand's CEO and CFO.

Nike did not immediately respond to a request for comment.

The marketing push comes at a high-stakes moment for Nike, which has been struggling to revive lagging sales. And it's an expensive bet: Some Super Bowl advertisers have spent more than $8 million to secure 30 seconds of airtime.

Nike has not yet revealed the commercial. While some advertisers release creative ahead of the game, there are always a few surprises.

Nike's new CEO, Elliott Hill, detailed a turnaround plan in December. Hill rejoined Nike in October after a four-year hiatus. He was formerly the company's president of marketplace and consumer.

Since taking the helm, Hill has called out Nike for certain missteps, such as offering too many discounts and shifting attention away from its relationships with wholesalers.

The company is also trying to make iconic sneaker brands like Jordans and Air Force 1s hot again by pulling back on supply to boost demand.

Nike's revenue slid 8% year over year to $12.4 billion during the three months ending November 30, the company said in December. Nike shares are down roughly 30% over the last 12 months.

Nike has also shaken up its marketing department in recent months to elevate its brand storytelling, as Adweek previously reported. Several company veterans returned to or were elevated in the marketing organization over the last year, including former vice president Nicole Hubbard Graham who was named marketing chief.

Nike seems to be banking on big cultural moments to get its brand back on track.

The company debuted a new ad timed around this month's Grammy Awards that highlighted the legacy of its 40-year-old Jordan Brand.

JPMorgan analysts met with Hill and Nike financial chief Matthew Friend at an event on Thursday morning. In a research note recapping the meet and greet, the analysts said Nike execs cited "excitement" around Hubbard's return and the brand's representation at "large consumer moments," including the Jordan campaign and a planned Super Bowl ad.

Hill told investors in December that Nike had to "get back to putting sport at the center of everything that we do." He said the company would invest in "big, bold brand marketing efforts" and important sports moments.