Under Armour and Cincinnati agreed to end a sports outfitting deal that had originally run through 2025, the Baltimore Business Journal reported Wednesday.
Under Armour said Wednesday that the company has no comment at this time.
But the university’s athletic director, John Cunningham, said in a statement that the university still is an Under Armour school, with a “great partner.”
“We adjusted the terms of our partnership in a manner that was best for both parties given the changes that have occurred in our industry over the past six months,” Cunningham said in the statement.
The university said Under Armour bought out of the official outfitter agreement and instead entered a product supply agreement through 2024.
Under Armour will pay $9.75 million as an exit fee and provide $3.65 million worth of product, which the university must order by next June, as part of the buyout, according to the Business Journal story.
Under the new product supply agreement, the university will purchase products from BSN Sports, a team sports apparel and equipment distributor, the story said.
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Under Armour has argued it has no liability because the contract ended due to a “Force Majeure Event,” or catastrophic event that prevents performance, such as a national emergency. If such an event lasts for more than 100 days, the agreement allows for termination by either party, Under Armour said.