The University of Maryland officially renewed its partnership with Under Armour on a 12-year contract extension to keep the local brand as the university’s athletic sponsor through 2036, according to a news release.
The Diamondback reported a week ago that the University of Maryland’s Board of Regents was set to vote on the contract extension. The deal, which was approved last Friday, is projected to provide $98 million to the university during the course of the extension, according to a Board of Regents document from a May 29 committee meeting.
[Board of Regents to vote on 12-year Under Armour contract extension]
“The University of Maryland holds a special place in my heart because it’s where our brand was born,” Under Armour founder and CEO Kevin Plank said in the release. “We’re excited about the next chapter of this partnership which will entail working closely with Maryland’s elite athletes and tapping further into the entrepreneurship and innovation hub that exists right in our own backyard.”
Plank, a former Maryland football captain, founded Under Armour in Washington, D.C., in 1996, eventually sponsoring the football program in 2004 making them the first collegiate football team with an Under Armour jersey sponsorship. Under Armour has been the exclusive outfitter for all of Maryland’s sports since 2009.
“Maryland and Under Armour are perfect partners, connecting founder Kevin Plank with his alma mater,” Barry P. Gossett Director of Athletics Damon Evans said in the release. “We are excited that this rich tradition will continue for the next 12 years in a strong partnership with Under Armour.
In addition to acting as the university’s athletic sponsor, the extension with Under Armour includes integration into the company’s marketing, social media and grassroots activations. The extension will create an NIL Brand Ambassador Program with Under Armour to allow Maryland student-athletes to earn direct compensation from the brand with the promotion of Under Armour products on social media.
