The Maryland athletic department is set to renew its partnership with Under Armour with a 12-year, $98 million contract that extends through 2036, according to Athletic Director Damon Evans and a department spokesperson. The deal is set to be formally announced Monday.
The deal’s average annual value of more than $8 million in fees and gear is a sizable increase from the Terrapins’ current contract with Under Armour, signed in 2014, which Evans estimated brought in around $3 million per year. It’s a lucrative deal — Notre Dame’s 2023 contract with the brand reportedly had an average annual value of around $10 million,“We looked at what other institutions were receiving, institutions I felt were like us,” Evans told The Washington Post on Friday.
The university and its athletic department have a long relationship with Under Armour, which was founded by Plank, a former Maryland football player whom Evans praised as “such a good friend, a good partner, a great donor, a great ambassador.”In 2020, UCLA — which signed a 15-year, $280 million deal with the company in 2016 — sued Under Armour for terminating the contract.
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