Sport

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 https://www.latimes.com/sports/ucla/story/2020-06-27/under-amour-informs-ucla-it-wants-to-terminate-deal-with-school 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.

More news: Barcelona sign Miralem Pjanic

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".



Like this

loading...
loading...

Latest


30 June 2020
NBA Considering Allowing Players to Wear Personalized Social Justice Messages on Jerseys
The NBA playoffs will begin August 17, and the NBA Finals are set to begin September 30 with a possible Game 7 on October 13. Announcements - aside from the NBA Finals games, an absolute rarity for games played on the East Coast.

30 June 2020
Former French PM Fillon jail sentence over fake job
She said working that way allowed her to have a flexible schedule and raise their five children in the Fillons' countryside manor. Fillon insisted that Penelope had been his most important employee and did real work for him in his rural constituency of Sarthe.

30 June 2020
Coronavirus found in sewerage collected months before first reported case
He also admitted that infected COVID-19 people over a long period of time, mistakenly diagnosed as "the flu". Check your state's restrictions on gathering limits.

30 June 2020
Tennessee Recklessly Holds First Concert Since the Coronavirus Outbreak
Meanwhile, on Friday, the US broke a somber milestone with over 40,000 confirmed daily new cases, with a national death toll of over 125,000.

30 June 2020
Long-rumored Harry Potter RPG will reportedly release in 2021
The Harry Potter RPG will revealed at some point after that based on the current schedule, according to the same report. The game is reportedly in development at Avalanche Software in Salt Lake City, Utah.

30 June 2020
No new cases of COVID-19 reported in the Peace Region
The average age of death due to COVID-19 in Alberta is 83 years, but a person as young as 27 has perished from the disease. It's Alberta's largest single-day increase since 69 new cases of the novel coronavirus were reported back on May 16.

29 June 2020
NBA Players Allowed to Replace Name on Jersey with Social Justice Message
Paul told The Undefeated that players would not be forced or pressured to post social justice messages. "The guys I talked to were definitely excited", Paul added.

29 June 2020
India bans Tiktok among 59 apps, mostly Chinese
The list of apps that have been banned includes the likes of TikTok which has been banned in India in the past as well. The situation along the contested frontier high in the Himalayas remains tense, with troop buildups on both sides.

29 June 2020
Cirque du Soleil files for bankruptcy protection after months-long closure | Venture
The filing comes three months after it temporarily suspended production of its shows, including six in Las Vegas . As part of the investment, government body Investissement Québec will provide $ 200 million in debt financing .

29 June 2020
Ten players dropped from Pakistan's England tour over Covid-19
Spinner Zafar Gohar, who is already in the United Kingdom , will join the squad but only for pre-series preparations. England are now slated to face West Indies in the three-match Test series starting July 8 at the Ageas Bowl.