Under Armour is attempting to terminate its 15-year $280M apparel and footwear deal with UCLA: 'We have been paying for marketing benefits that we have not received for an extended time period,' the company says in a statement.
"We know that this has been a challenging time for athletes, sports programs and performance apparel brands alike," it said."Under Armour will continue to preserve our strength in this challenging environment, while maintaining a strong network of partnerships with individuals, organizations and leagues that make us the on-field authority for focused performers."
UCLA said in a statement that it learned of Under Armour's intentions last week and would be working to prevent it from happening. "We are exploring all our options to resist Under Armour’s actions," UCLA's statement said."We remain committed to providing our hard-working staff and student-athletes with the footwear, apparel and equipment needed to train and compete at the highest level, as they — and our loyal Bruin fans — deserve."
The deal between Under Armour and UCLA set a record as the biggest collegiate apparel deal ever when it was announced inUntil the UCLA deal, Nike held the previous record with aNike holds some of the largest collegiate deals, including a 15-year $250 million partnership with the University of Texas and an 11-year deal worth about $169 million with the University of Michigan.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Under Armour—Amid Coronavirus Financial Strain—Wants Out Of Record $280 Million UCLA DealThe most expensive deal in American college sports may be coming to an end.
Read more »
Under Armour—Amid Coronavirus Financial Strain—Wants Out Of Record $280 Million UCLA DealThe most expensive deal in American college sports may be coming to an end.
Read more »
Kim Kardashian West Signs $200 Million Beauty Deal With Coty Inc.The cosmetics conglomerate will acquire a 20% stake in the KKW Beauty business and help it expand into new categories.
Read more »
Kim Kardashian West Inks $200 Million Deal with CotyKim Kardashian West has inked a $200 million deal with beauty giant Coty which will see the introduction of new categories to the KKW Beauty lineup.
Read more »
Lululemon Buys Mirror, an At-Home Fitness Startup, for $500 MillionLululemon is buying at-home fitness company Mirror for $500 million, a deal that aims to capitalize on pandemic-fueled upheaval in the fitness and retail industries.
Read more »
Richard Sherman says Cam Newton's Patriots contract is 'just ridiculous'Richard Sherman is appalled at Cam Newton's Patriots contract: “Just ridiculous. A transcendent talent and less talented QBs are getting 15/16m a year. Disgusting.”
Read more »