The deal will include a name, image and likeness program that will allow Maryland players to promote Under Armour on social media and earn money from the brand.
The Maryland athletic department is set to renew its partnership with Under Armour with a 12-year, $98 million contract that extends through 2036, according to Athletic Director Damon Evans and a department spokesperson. The deal is set to be formally announced Monday.
The deal’s average annual value of more than $8 million in fees and gear is a sizable increase from the Terrapins’ current contract with Under Armour, signed in 2014, which Evans estimated brought in around $3 million per year. It’s a lucrative deal — Notre Dame’s 2023 contract with the brand reportedly had an average annual value of around $10 million,“We looked at what other institutions were receiving, institutions I felt were like us,” Evans told The Washington Post on Friday.
The university and its athletic department have a long relationship with Under Armour, which was founded by Plank, a former Maryland football player whom Evans praised as “such a good friend, a good partner, a great donor, a great ambassador.”In 2020, UCLA — which signed a 15-year, $280 million deal with the company in 2016 — sued Under Armour for terminating the contract.
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