Sports Illustrated raises $24M to expand business
Sports Illustrated Editor-In-Chief Stephen Cannella on Sports Illustrated print edition and five athlete activists being named people of the year.
Beginning July 1, 2021, Nike and the Jordan Brand will become official providers of athletic footwear, apparel, and equipment for UCLA Athletics.
Continue Reading Below
MICHAEL JORDAN 1986-87 FLEER ROOKIE CARD SELLS FOR $150G AT LATEST AUCTION
Under the six-year sponsorship agreement in principle, Nike will supply uniforms, footwear, apparel and equipment to 22 of UCLA's 25 varsity athletic teams, while the Jordan Brand will outfit the college's Bruins football team and men's and women's basketball programs with its "Jumpman" product.
“Going into this process, our top priority was to secure the best quality and most innovative products to help our student-athletes and coaches compete for championships,” UCLA athletic director Martin Jarmond said in a statement. “As we build upon our rich history and strive for greater heights, this transformative collaboration is a signal of the future.”
The agreement makes UCLA the only school to wear the Jumpman in the Pac-12 conference and the fifth university to join forces with the Jordan Brand on football, as well as both men's and women's basketball.
UPS SLAPS SHIPPING LIMITS ON GAP, NIKE TO MANAGE E-COMMERCE SURGE
In addition, Nike will also support UCLA Athletics' student-athlete development programs under the agreement by offering two summer interships per calendar year to the university's students and hosting a group of selected UCLA students at its headquarters for an 'educational experience'.
"UCLA has a rich tradition of excellence on the court and field, as well as in the classroom. Like Nike and Jordan Brand, the Bruins have a championship mindset and their impact is felt both in sport and within the community," said Craig Williams, Jordan Brand president. "We are beyond excited to welcome UCLA into the family and are looking forward to partnering with some of the best athletes in the world."
Men’s basketball coach Mick Cronin added that many of his players are "enthusiastic fans of Michael Jordan", calling the deal a "win-win situation for UCLA."
Officially-licensed UCLA x Nike and UCLA x Jordan Brand gear will be available in fall 2021.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The partnership comes after Under Armour announced in June that it was ending its contract with UCLA, citing unforeseeable circumstances due to the coronavirus pandemic as one of the reasons. The two sides were four years into a 15-year deal worth $280 million, which was the highest in college athletics.
UCLA filed a lawsuit against Under Amour in August in U.S. District Court in Los Angeles for breach of contract, seeking damages in excess of $200 million.
Under Armour paid $10 million per year in rights and marketing fees as well as contributing $2 million total to aid in facility improvements. Under terms of the contract, the company is supposed to supply $6.85 million in athletic apparel, footwear and uniforms.
|UAA||UNDER ARMOUR INC||17.24||+0.18||+1.06%|
Terms of UCLA’s contract with Nike have not been available since it is pending formal approval. Prior to its deal with Under Armour, UCLA was outfitted by Adidas.
CLICK HERE TO READ MORE ON FOX BUSINESS
The Associated Press contributed to this report
Source: Read Full Article