Under Armour continues to offload college sponsorship deals.
The sportswear company and the University of Cincinnati agreed to a buyout deal that gets Under Armour out of a 10-year, $50 million commitment five years early.
The company will pay a $9.75 million exit fee in eight installments and provide $3.65 million worth of product through June 2021.
Under Armour’s 2020 shakeup:
- January: Patrik Frisk replaced longtime CEO Kevin Plank
- February: Scrapped plans for a flagship store on Fifth Avenue in New York City
- June: Backed out of an $86 million deal with Cal, alleging the parties never signed a formal contract
- July: Terminated a record-breaking $280 million partnership with UCLA
- October: Sold off health tracking app MyFitnessPal for $130 million less than it acquired it for five years earlier
After reporting a 41% decline in revenue year-over-year in Q2, Under Armour reported flat numbers in Q3. The company’s shares are down 14.61% in the last year, to $17.42.
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