According to reports, Under Armour is leaving the NFL behind.
The NFL is the latest deal Under Armour is backing away from, joining a growing list of high-profile relationships the company has decided to close according to a report from the Financial Times on Tuesday.
On-field NFL licensing agreements are estimated to be valued between $10 and $15 million, according to report. The Financial Times reported the termination of the contract would be at the end of this year.
Under Armour’s most notable sponsorship deal in the NFL is with Tampa Bay quarterback Tom Brady, whose deal will reportedly stay in place. Other NFL athletes representing UA include Cam Newton and Julio Jones. Individual player contracts were going to be re-evaluated.
Under Armour is reportedly restructuring its business to focus on being “a performance brand.”
In 2019, Under Armour walked away from their agreement with Major League Baseball to be the provider of on-field jerseys; the decision reportedly saved the company $50 million. Nike stepped in and took the deal, adding MLB to the NFL and NBA contracts in their portfolio.
Under Armour has also terminated a number of high profile deals with college programs. The company walked away from a 15-year, $280 million deal with UCLA. It also terminated its deal with Cal, a 10-year, $85 million pact. And UA ended its relationship with Cincnnati, a decision that reportedly cost Under Armour $9.75 million to exit a 10-year, $50 million deal.