After 17 years with Adidas (NASDAQOTH:ADDYY), the University of Notre Dame inked an exclusive 10-year partnership agreement under which Under Armour (NYSE:UAA) will supply the school's varsity athletic teams with shoes, equipment, and uniforms. Under Armour also said it will feature Notre Dame in its marketing, social media, and promotional campaigns.
Financial terms of the new agreement were not disclosed, but Notre Dame Vice President and Director of Athletics Jack Swarbrick said the deal was "the largest financial commitment ever made by a brand to a university." The recently expired deal with Adidas was said to be worth more than $60 million over 10-years.
Industry pundits suggested that market leaders Nike, Adidas, and Under Armour combined to pay an estimated $250 million in similar college deals in 2013.
Under Armour founder and CEO Kevin Plank said of the new, long-term deal with Notre Dame, "We look forward to collaborating with the university's administration, athletic department, student-athletes, alumni and its powerful fan base to uphold the Fighting Irish's championship pedigree." Under Armour said the new deal with Notre Dame brings its number of Division 1 university partners to 13.
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends Nike and Under Armour. The Motley Fool owns shares of Nike and Under Armour. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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