Under Armour has agreed with UCLA to pay $67.49 millions to settle a lawsuit that was filed two years ago.
UCLA filed a lawsuit against Under Armour on August 2020 in U.S. District Court Los Angeles for breaching contract. They sought damages in excess to $200 million. The settlement was reached in late May and approved by the University of California’s Board of Regents.
Under Armour made the announcement two years ago that its contract with UCLA was coming to an end. Four years had passed between the two parties, and a 15-year agreement was in place worth $280million. This was the largest college athletics contract.
One reason it ended the agreement was force majeure caused by the coronavirus epidemic. Another was UCLA’s struggles in its flagship sports.
UCLA reached an agreement with Nike to renew its apparel contract. It was effective last July. The deal is good for six years and it is worth $46.45million.