US sportswear brand Under Armour has entered into a partnership with the athletics division of the University of Alabama at Birmingham.
The seven-year contract will run until May 31, 2023. According to the Birmingham Business Journal newspaper, UAB will receive an annual rights fee of $50,000 (€44,000) as part of the deal, which is said to include the option of a further three-year extension.
UAB will also reportedly net $1.075m in product allowance for the 2016-17 academic year, a figure that will decrease to $1m for the 2018 and 2019 school years before rising again to $1.03m for the 2022 season.
The Business Journal’s report added that UAB will receive various performance-based bonuses from Under Armour as part of the agreement.
The deal officially began in June, with UAB athletes having been wearing Under Armour apparel since July. Under Armour replaces sportswear giant Nike as UAB’s apparel partner.