Now, don’t get it twisted, NIKE and adidas are still the top two prominent sports companies, but Under Armour is gaining stem by the second.
Today, the University of California,Berkeley has decided to ditch NIKE for Under Armour.
The University of California, Berkeley and Under Armour®(NYSE:UA) today announced a new, 10-year agreement that will benefit both the athletic department and the greater campus community
The rise of Steph Curry has dramatically helped increase the popularity of Under Armour and it just continues to grow.
Kevin Plank, the founder and CEO of Under Armour is quite thrilled about the deal.
“UC Berkeley is one of the world’s top universities and a standard bearer for academic excellence and athletic achievement,” said Kevin Plank, Founder and CEO, Under Armour. “We share a mutual commitment to relentless innovation and believe we have found a perfect partner in the university. It’s an honor to bring our mission for making athletes better to the Golden Bears. We look forward to collaborating with Cal Athletics and the entire campus for betterment in fitness, wellness, charitable and professional development in ways never done before by an apparel and footwear partner.”
Sources say the deal is worth almost $86 million in cash and product. It includes a $3 million signing bonus, $3.5 million in cash per year and an average annual product allowance of $4.76 million.
Expect to see more schools make this jump in the near future.