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Under Armour discontinues $280 million contract with UCLA
Hat tip, WTOP
Under Armour discontinues $280 million contract with UCLA
By JESSICA ANDERSON
BALTIMORE SUN | JUN 27, 2020 AT 5:53 PM
Under Armour confirmed Saturday that it is suspending its record $280 million contract outfitting UCLA athletes that was supposed to last 15 years.
“Under Armour has recently made the difficult decision to discontinue our partnership with UCLA, as we have been paying for marketing benefits that we have not received for an extended time period. The agreement allows us to terminate in such an event and we are exercising that right,” Under Armour officials said in a statement Saturday.2020 AT 5:53 PM
The Baltimore-based athletic apparel brand signed UCLA and its storied athletic program to the massive deal in May 2016 as it was aiming to take on Nike and Adidas in the sneaker marketing wars. But not long after, Under Armour’s sales faltered and the company has been retrenching in the past few years, only to see sales plummet again amid the coronavirus-related economic slowdown.
In May, the company said it would seek to renegotiate endorsement contracts amid the latest slump in sales and demand.
{snip}
By JESSICA ANDERSON
BALTIMORE SUN | JUN 27, 2020 AT 5:53 PM
Under Armour confirmed Saturday that it is suspending its record $280 million contract outfitting UCLA athletes that was supposed to last 15 years.
“Under Armour has recently made the difficult decision to discontinue our partnership with UCLA, as we have been paying for marketing benefits that we have not received for an extended time period. The agreement allows us to terminate in such an event and we are exercising that right,” Under Armour officials said in a statement Saturday.2020 AT 5:53 PM
The Baltimore-based athletic apparel brand signed UCLA and its storied athletic program to the massive deal in May 2016 as it was aiming to take on Nike and Adidas in the sneaker marketing wars. But not long after, Under Armour’s sales faltered and the company has been retrenching in the past few years, only to see sales plummet again amid the coronavirus-related economic slowdown.
In May, the company said it would seek to renegotiate endorsement contracts amid the latest slump in sales and demand.
{snip}
