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(Reuters) – Athletic apparel maker Under Armour said on Saturday it will discontinue its partnership with UCLA — a 15-year, $280 million accord announced in 2016 that was billed as the largest apparel deal in the history of American collegiate sports.
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The University of California, Los Angeles promised to fight the move.
The Baltimore-based company said in an emailed statement that it made the decision to terminate the agreement with UCLA – a member of the Pac-12 athletics conference — because "we have been paying for marketing benefits that we have not received for an extended time period."
HOW UNDER ARMOUR WAS FOUNDED
The agreement with UCLA allowed the company to terminate the deal in such an event and it is exercising its right, Under Armour added.
"We are exploring all our options to resist Under Armour’s actions," UCLA said in a statement. "We remain committed to providing our hard-working staff and student-athletes with the footwear, apparel and equipment needed to train and compete at the highest level."