The Maryland athletic department is set to renew its partnership with Under Armour through a 12-year, $98 million contract extending to 2036, as confirmed by Athletic Director Damon Evans and a department spokesperson.
This deal, to be formally announced on Monday, averages more than $8 million annually in fees and gear, a significant increase from their current contract which brings in about $3 million per year. This makes it a lucrative arrangement, comparable to Notre Dame’s 2023 contract with Under Armour, reportedly valued at around $10 million annually.
“We looked at what other institutions were receiving, institutions I felt were like us,” Evans told The Washington Post on Friday. “… I’m really excited about the deal that we’ve been able to arrive at with [Under Armour CEO and founder Kevin Plank], and I think it’s one that is going to bode well for the University of Maryland as well as Under Armour.”
The extension will also feature a name, image, and likeness (NIL) program allowing Maryland players to promote Under Armour on social media and earn money from the brand. Additionally, Under Armour will supply gear to Maryland’s club and intramural teams.
Maryland has a longstanding relationship with Under Armour, founded by Plank, a former Maryland football player. Evans praised Plank as “such a good friend, a good partner, a great donor, a great ambassador.”
Under Armour has faced challenges in recent years, with its stock price dropping about 87 percent from its 2015 peak. In 2019, Plank stepped down as CEO amid struggling sales and concerns about company culture but reassumed the role in April.
In 2020, UCLA sued Under Armour for terminating a 15-year, $280 million deal signed in 2016. Under Armour paid UCLA nearly $68 million in a settlement. In 2021, the Securities and Exchange Commission charged Under Armour with misleading investors about revenue growth, resulting in a $9 million settlement.
“We believe in Under Armour, and we believe in Kevin Plank,” Evans said. “… I have no doubt they’re going to be fine and continue to build their brand, grow financially and be one of the dominant players in the marketplace, and we want to be right there alongside them.”
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