UA and Maryland are financially tied through '23-24 after signing a 10-year, $33M extension in '14GETTY IMAGES
Univ. of Maryland athletic department officials and boosters are "trying to gauge what -- if any -- impact" Under Armour's recent "financial woes" might have on the school, according to Maese and Giambalvo of the WASHINGTON POST. This comes with UA Founder & Chair Kevin Plank stepping down as CEO on Jan. 1, plus a pending federal investigation "casting uncertainty" on the company's future. The company yesterday said that it "remains committed to the university." UA is "financially tied" to the school through the '23-24 school year after signing a 10-year, $33M extension in '14. Plank has donated $25M to the Cole Field House football stadium renovation, nearly half of the privately raised $60M. While the basketball facility is "supposed to be privately funded and the school has said it has raised" $19M, it is "not known publicly" if Plank or UA has pledged money to that project. Regardless, the school "could continue to look to Plank as a valued private donor." Before the company issued its Q3 earnings this week, an anonymous donor said, "Long term, (Under Armour), like Adidas, isn't going anywhere." The relationship between UA and Maryland has "long been a key recruiting tool." Players, coaches and staff have been "outfitted in the brand" for more than a decade (WASHINGTON POST, 11/6).
