Sports entrepreneur Kevin Plank talks about his $280 million deal with UCLA
“This deal was about geography,” said Kevin Plank, who founded Under Armour in 1996. “It was important for us to plant our flag in L.A.”
UCLA will receive $15 million in cash up front, according a person with knowledge of the agreement who was not authorized to speak publicly. The school will subsequently be paid approximately $11 million annually in rights and marketing fees.
“With 113 NCAA Championships, UCLA is the most decorated athletic program in history, the benchmark for excellence in performance,” said Kevin Plank, Founder and CEO, Under Armour. “Under Armour’s commitment to growth through innovation and an unwavering mission to make all athletes better aligns seamlessly with UCLA and the pioneering figures that helped build the program, and we look forward to reaching new heights with the Bruins.”
Plank launched the brand from his grandmother’s basement with an initial investment of about $40,000. After selling shirts from the trunk of his car, he eventually forged a deal with Georgia Tech.
SOURCE: LA Times, UCLABruins.com