Maryland sticks with Under Armour, extending deal with struggling company

“We looked at what other institutions were receiving, institutions I felt were like us,” Evans told The Washington Post on Friday. “… I’m really excited about the deal that we’ve been able to arrive at with [Under Armour CEO and founder Kevin Plank], and I think it’s one that is going to bode well for the University of Maryland as well as Under Armour.”

The extension will include a name, image and likeness (NIL) program that will allow Maryland players to promote Under Armour on social media and earn money from the brand, according to a news release about the deal, which The Post reviewed Friday. Under Armour will also provide gear to Maryland’s club and intramural teams.

The university and its athletic department have a long relationship with Under Armour, which was founded by Plank, a former Maryland football player whom Evans praised as “such a good friend, a good partner, a great donor, a great ambassador.”

It has been a tumultuous few years for the Baltimore-based company, whose stock price has dropped about 87 percent from its all-time high in 2015. In 2019, Under Armour announced Plank would step down as CEO amid struggling sales and concerns about company culture. He reassumed the role in April.

In 2020, UCLA — which signed a 15-year, $280 million deal with the company in 2016 — sued Under Armour for terminating the contract. Under Armour paid UCLA nearly $68 million in a settlement, according to reports. In 2021, the Securities and Exchange Commission charged Under Armour with misleading investors about revenue growth and prospects. The company paid $9 million to settle the claims, without admitting to or denying the accusations.

“We believe in Under Armour, and we believe in Kevin Plank,” Evans said. “… I have no doubt they’re going to be fine and continue to build their brand, grow financially and be one of the dominant players in the marketplace, and we want to be right there alongside them.”