Not going away. A lawsuit by the Cubs
against Under Armour has been dropped
and in fact, the deal has been extended.
The Chicago Cubs have dropped their lawsuit against apparel maker Under Armour (NYSE: UA), and, in fact, have renewed their agreement.
The Cubs were suing Under Armour claiming the company was reneging on its five-year, $10.8 million sponsorship agreement with the Cubs. The deal has 7-foot-by-12 foot signs with Under Armourâ€™s logo placed on the two rollup doors in left and center field.
According to the Chicago Tribune, the extended agreement will keep the signage in place, as well as place an ad behind home plate.
Financial terms were not released.
According to the Tribune:
Under Armour would not say Tuesday whether their renewed partnership involves the contract terms cited in the lawsuit. The Cubs said they were "glad to have renewed Under Armour's sponsorship," according to a statement from Matt Wszolek, the team's director of sales and promotion.
Under Armourâ€™s stock closed at $16.43 Tuesday. Shares for the sports apparel maker are down more than 30 percent this year.
Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.
Don't forget to register and log in on The Biz of Baseball site to get updates via your in-box, and see information only logged in members can see.
Subscribe to The Biz of Baseball