The University of Maryland’s Board of Regents will vote Friday on a 12-year contract extension that would keep Under Armour as the University of Maryland’s official athletic sponsor through 2036, according to a Board of Regents document from a May 29 committee meeting. The extension was first reported by InsideMDSports.

The deal is projected to provide $98 million to the university over that period, according to the document. It will begin July 1, 2024 and run through June 30, 2026.

Under Armour has been the exclusive official outfitter of all university sports since 2009. The current contract, which began July 1, 2014, was set to expire June 30.

Revenue streams are projected to increase by more than 50 percent with the extension, while additional expected benefits include a brand ambassador program for student athletes and enhanced core team performance bonuses.

[PHOTOS: Maryland men’s lacrosse’s journey through the NCAA tournament]

Under Armour founder Kevin Plank, who walked onto the Maryland football team and graduated in 1996, was replaced as CEO in 2019 but returned in April amid company struggles — its stock has decreased 88 percent from its all-time high in 2015, according to CNN.

The company’s issues “caught the attention of athletic department officials and boosters alike,” The Washington Post wrote in 2019, but the school nonetheless chose to remain with its current sponsor.

“UMCP has carefully evaluated the current landscape and determined that now is not the ideal time to initiate a competitive solicitation for Intercollegiate Athletic uniforms and associated products,” the document said. “This decision is underscored by the prevailing economic challenges, including the ongoing inflationary trend and escalating costs of raw materials. Moreover, the potential expenses associated with transitioning to a new prime vendor, coupled with the disruptions it would entail, further solidify the rationale behind our approach.”

Under Armour currently sponsors seven Power Four schools — programs in the SEC, Big 10, Big 12 and ACC — in Maryland, Northwestern, Wisconsin, Utah, South Carolina, Texas Tech and Auburn, the final two of which will depart for Adidas and Nike respectively by July 2025.

CORRECTION: A previous version of this story misstated that the Board of Regents voted to approve the 12-year extension.
The board will vote on Friday, June 14. This story has been updated.