Baltimore-based activewear company Under Armour Inc. will outfit the University of Maryland Terrapins for at least another decade as the university's Athletics Department extended its contract with the company, reports theBaltimore Business Journal.
The original contract between Under Armour and the university from 2008 — a $17.5 million, five-year deal — was previously renewed in 2009 and expires Dec. 31, the Journal says.
Under the existing contract, Under Armour is the exclusive outfitter of the University of Maryland’s sports teams, coaches and their staff. Under Armour provides the athletics department with at least $1.9 million worth of products yearly, in addition to an annual $1.48 million rights payment to the university, the news site reports.
It is unclear whether any terms of the deal have changed, but Under Armour spokeswoman Danielle Daly confirmed the 10-year extension to the Business Journal.