During a time of economic uncertainty, Baltimore-based Under Armour is apparently looking for ways to save money which may likely come in the fashion of terminating apparel deals.
After reports surfaced last week of Under Armour seeking to terminate their $280 million deal with UCLA, the Naval Academy is now on the company's radar, according to a report from the Capital Gazette.
"I've got a teleconference with the Under Armour folks tomorrow [Thursday] to go over some things," Navy's athletic director Chet Gladchuk said. "We're going to review all the tenets of the contract. Under Armour has asked the Naval Academy Athletic Association to keep an open mind with regard to the big picture."
RELATED: UNDER ARMOUR SEEKING TO END $280 MILLION DEAL WITH UCLA
Nike was the Naval Academy's apparel company up until 2014 when Under Armour took over with an undisclosed multi-year partnership.
Under Armour is under contract to pay at minimum $679 million over the next five years in total in sponsorships with professional teams and leagues, colleges, and universities, athletes, athletic events and other marketing commitments, the company announced in its 2019 annual report. $131 million of that is due by the end of this year.
"Under Armour is going through the process of revisiting all deals with their various collegiate programs. I'm sure their intention is to readjust all their contracts," Gladchuk said. "Every business must address the realities of market conditions.
Stay connected with the MyTeams app. Click here to download for comprehensive coverage of your teams.
MORE NCAA NEWS:
- All-Time Greats: Best Wings at Maryland
- Untapped potential: Bias before Maryland
- Local influence: Bias still resonates today
Naval Academy to revisit Under Armour contract this week originally appeared on NBC Sports Washington
