UAA - Under Armour Seeks to Cancel Its $280 Million Sponsorship Deal With UCLA
Athletic apparel brand Under Armour (NYSE: UA) (NYSE: UAA) is looking to cancel an expensive agreement it made with the University of California, Los Angeles (you know it better as UCLA) back in 2016. The 15-year agreement, which took effect beginning in 2017, not only made Under Amour the supplier of the university's athletic team jerseys, but also offered related promotional benefits as well.
The apparel maker said in a statement supplied to several news outlets on Saturday: "[W]e have been paying for marketing benefits that we have not received for an extended time period. The agreement allows us to terminate in such an event and we are exercising that right."
Image source: Getty Images.