Following England player Gary Neville's criticism of the sportswear giant in February, the Italian and Spanish groups have said they will not take the money from a multinational.
Carolos Ferreyra Nunez, a Spanish campaigner, said: "Nike's money is very tempting. But we have serious concerns over whether anti-racism campaigners should take money from such a large multinational."
A spokesman for Italian campaign group Progetto Ultra said: "It is not right for groups like us to take funding from multinationals."
The campaigners were speaking to Evening Standard, which highlighted the difficult ground Nike finds itself on.
The money in question has been promised by Nike to campaign groups across Europe. Nike could raise up to £2.5m by donating each pound of profit it is making on the 2.5m anti-racism wristbands it is currently selling for £1.50/€2 each.
A Nike spokesman said: "We are not imposing the money on any group. If they don't want to get involved then that's fine, they don't have to apply for it. There are groups in this area that have a political agenda but this whole campaign has raised huge awareness about football."
Nike signed up football stars including Arsenal's Thierry Henry and Manchester United's Rio Ferdinand to appear in its "Stand up, speak up" TV ads for the anti-racism campaign, which broke on February 1.
However, Nike's motives were questioned by Ferdinand's team mate Neville, who said: "We have to make sure that the [anti-racism] campaign is conducted in the right manner and not just done for PR like some of the sport companies seem to be doing at the moment.
"The FA and the England team have always campaigned against racism very well, we have just got to be aware that it is not cheapened slightly by companies like Nike getting a lot of PR out of it for nothing."
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