The athleticwear maker has landed its first major professional sports uniform deal, according to a report by ESPN. Under Armour will take over for Majestic Athletic as the official on-field uniform provider for Major League Baseball beginning with the 2020 season, says the report. Terms of the deal were not disclosed.
In short, score another whale of a deal for Under Armour that will give it high visibility among consumers.
Under Armour inked a 15-year, $280 million sponsorship contract in late May with one of the most iconic college sports programs in the country -- UCLA. The university will reportedly receive $15 million in cash up front from Under Armour and will subsequently be paid approximately $11 million annually in rights and marketing fees.
Under Armour agreed to supply roughly $7.4 million worth of clothing, shoes and equipment each school year and contribute an additional $2 million over the next eight years for upgrades at facilities such as the Morgan Center and the Acosta Athletic Complex.
The deal is reportedly the most lucrative in the history of college sports. Nike (NKE) - Get NIKE, Inc. (NKE) Report set off a spending frenzy for college sponsorship deals last summer. First was a deal with Michigan at a then-record $169 million, followed by Texas at $250 million and finally Ohio State at $252 million. Under Armour previously signed a 10-year sponsorship extension with the University of Maryland, which is where founder Kevin Plank went to school.
But splashy college -- and now MLB -- deals isn't the only area where Under Armour has been able to close.
Under Armour first signed Golden State Warriors star Stephen Curry in October 2013 for reported $4 million, after Nike bungled the negotiations. In September last year, the company extended its contract with Curry to 2024 and gave him an equity stake.
Meanwhile, in January last year Under Armour scrapped the remaining two years of an endorsement deal with golfer Jordan Spieth and signed him to a new 10-year deal.
To kick off 2016, box office star Dwayne "The Rock" Johnson and Under Armour announced a long-term marketing deal under which the apparel maker will design products including footwear, apparel and accessories inspired by Johnson's current films. Under Armour is preparing a major product push with Johnson in early 2017 after finding early success with a line backpacks and t-shirts.
Under Armour's splashy deals makes one wonder: who is the next big-name athlete or movie star to sign on the dotted line?