The Maryland athletic department is set to renew its partnership with Under Armour with a 12-year, $98 million contract that extends through 2036, according to Athletic Director Damon Evans and a department spokesperson. The deal is set to be formally announced Monday.
The deal’s average annual value of more than $8 million in fees and gear is a sizable increase from the Terrapins’ current contract with Under Armour, signed in 2014, which Evans estimated brought in around $3 million per year. It’s a lucrative deal — Notre Dame’s 2023 contract with the brand reportedly had an average annual value of around $10 million, according to Yahoo Sports — but one that comes at a time of financial turbulence for the apparel company.