Under Armour looking to call time on $280m UCLA contract

Under Armour looking to call time on $280m UCLA contract”

Under Armour has informed University of California, Los Angeles (UCLA) that it wants to terminate a $280 million deal that it signed with the school in 2016, the Los Angeles Times reported on Saturday. "Cal Athletics remains steadfast in its commitment to support its student-athletes with the apparel and footwear they need to train, compete and succeed in their chose athletic fields".

Back in March, Under Armour said it was renegotiating contracts with some of its athlete endorsers in an attempt to offset some of the financial impact of coronavirus.

The 15-year, $280 million agreement announced in 2016 was billed as the largest apparel deal in the history of collegiate sports. He is being replaced by former Boston College athletic director Martin Jarmond. "We are exploring all our options to resist Under Armour's actions". The department took on an interest-bearing loan from the university to cover an $18.9-million shortfall for the 2019 fiscal year and is expected to go further into the red in 2020.

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Under Armour may get out of its UCLA contract but it has recommitted to another division one school.

The partnership had called for Under Armor to exclusively design and supply shoes, clothing, and equipment for training and game day uniforms for all of UCLA men's and women's varsity athletic teams over a period of 15 years. Adidas is still with Washington and Arizona State. Nike has deals with the other seven schools in the conference.

UCLA said in response, "UCLA Athletics learned this week that Under Armour is attempting to terminate its 15-year apparel and footwear contract with us and the Bruin community". Now, the brand is seeking to prematurely end the agreement due to contractual breaches stemming from the Covid-19 pandemic. The company saw revenue drop 23% in the first quarter. "Under Armour shares those core values".

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