Under Armour Drops University of Cincinnati Deal

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.