Under Armour will pay $9.75 million to exit its 10-year, $50 million deal with Cincinnati five years before it was set to expire.

Earlier this year, the company made headlines as it tried to leave its 15-year, $280 million deal with UCLA and its 10-year, $85.6 million deal with Cal. 

But, UCLA Is Standing Firm:

• In August, the school sued Under Armour for $200 million in damages.
• Now, UCLA is covering the company’s logo on jerseys with a “Stand Together” patch.

From UA’s Perspective: “We’ve continued to make tough decisions across our business to ensure that our base is stable, and we have the agility to return to profitability in the near term,” Under Armour President and CEO Patrik Frisk said during the company’s third quarter earnings call.

Under Armour beat third quarter expectations, but projects a full-year double-digit decrease in revenue. The company’s shares are down 25% year-to-date.

UA Collegiate Apparel Deals Include: Auburn, Boston College, Maryland, Navy, Notre Dame, Texas Tech, Utah, and Wisconsin.

Lebron James’ latest investment: Tequila. 

Lobos 1707 Tequila & Mezcal was launched in the U.S. and Mexico on Wednesday, with James becoming the latest athlete to take a shot on an alcohol brand. Last year, Michael Jordan launched a tequila brand, Cincoro, with four other NBA owners.

Other Investors In Lobos 1707 Include: 

• James’ business partner Maverick Carter
• Los Angeles Lakers teammate Anthony Davis
• Golden State Warriors forward Draymond Green
• Klutch Sports founder and James’ agent Rich Paul

Celebrity-Owned Liquor Brands Have Been Successful: Ryan Reynolds — who recently bought a soccer team — was an owner of Aviation Gin before it sold for an estimated $610 million to spirits giant Diageo in August. Diageo also paid close to $1 billion for George Clooney’s Casamigos tequila company in June 2017. 

Los Angeles Chargers running back Austin Ekeler is now a team owner in the Fan Controlled Football League. The league’s six-week season kicks off in February 2021 and will be livestreamed on Twitch, featuring former players from the NCAA, CFL, XFL and AAF. Fans will make the decisions, ranging from team names to play calls.

League executives believe there’s a major opportunity in layering traditional sports with video games as younger demographics find themselves less interested in sports. Monetization will come from a “freemium model,” merchandise, and sponsorships. 

Investors Include: Lightspeed Venture Partners, Verizon Ventures, Correlation Ventures, Basecamp 2, Next10 Ventures, Bleacher Report co-founder Dave Finnocchio and Reddit co-founder Alexis Ohanian.

FCF Team Owners Include: 

• NFL player Richard Sherman
• NFL player Marshawn Lynch
• MLB pitcher Trevor May
• Boxer Mike Tyson
• Hip hop mogul Quavo

The Detroit Pistons are the latest team to take a step into fashion, launching a new DETail Threads private label that looks to build on the team’s dedication to the city of Detroit.

Streetwear has been at the center of sports properties’ efforts to connect with fans, often through nostalgia — like SI’s vintage magazine cover apparel and Adidas’ “Reverse Retro” NHL jerseys — or to engage with the local community, as the Cleveland Cavaliers have done through their in-house brand, “The Land Collective.”

Why Streetwear? Marc Rosen, EVP of entertainment at ABG, owner of the SI brand, said the company’s Mitchell & Ness collaboration is a “unique way” to reach customers.