Friday, November 28th-7.3°C
22246
24226

Under Armour signs 8-year deal with US speedskating despite flap over outfits

NEW YORK, N.Y. - Athletic gear maker Under Armour has signed an eight-year deal with U.S. Speedskating to provide uniforms despite controversy over the suit it provided the team at the Sochi Olympics.

Under Armour spent years developing a new speedskating suit that debuted during the Olympics but flopped. U.S. speedskaters, including favourite Shani Davis, didn't medal, and some blamed the suit. The team reverted to an older Under Armour suit, but results have not yet improved.

Under Armour Inc. said Friday it is ready to try again. The Baltimore-based company will outfit the U.S. speedskating team for the next two Winter Olympics, beginning with South Korea in 2018.

"It's good under the circumstances that Under Armour still believes in the U.S. as a team and they're willing to work with us," Davis said. "It's nice of them to do that."

Company CEO and founder Kevin Plank said in an interview with CNBC that Under Armour was "doubling down" and hoped to move past the Sochi controversy.

Financial terms were undisclosed. In the interview, Plank said the current contract expires in a month so the timing was right for a new deal.

"We get knocked down, we dust ourselves off and we come back bigger, better and stronger than we ever were before," he said. "We don't want this story going longer."

Plank added that when the U.S. speedskating team performed below expectations, there were only "so many variables," to explain the disappointment, and the new suit was one possibility. He added that Under Armour athletes have won 10 medals at the Olympics.

In addition to U.S. speedskating, Under Armour has exclusive uniform agreements with the U.S. bobsled and skeleton teams, U.S. gymnastics and the Canadian snowboarding team.

Under Armour shares rose $2.18, or 2 per cent, to $109.37 in morning trading. The stock is up more than 22 per cent so far this year.

The Canadian Press


Read more Business News

23967


Recent Trending




Today's Market
S&P TSX14744.70-177.74
S&P CDNX741.87-13.53
DJIA17828.240.49
Nasdaq4791.63+4.312
S&P 5002067.56-5.27
CDN Dollar0.8756-0.0004
Gold1175.20-21.40
Oil66.15-7.54
Lumber329.40+1.40
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.145-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.07
Cantex0.04-0.005
Anavex Life Sciences0.1998+0.0288
Metalex Ventures0.06+0.02
Russel Metals29.91-0.79
Copper Mountain Mining1.94-0.18
Colorado Resources0.125-0.005
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.05+0.005
Mission Ready Services0.325+0.005

 
24130


23630

FEATURED Property
20833363266 Malbec Crescent
5 bedrooms 4 baths
$1,398,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Don't stop dreaming!

On Wednesday evening I drove through the Bow Valley in Alberta. It is my old home town... the first place Jackie and I moved to in 1988 when we emigrated. We ended up setting up home there and living...


Second marriage issues

It is not unusual that one or both of the parties planning to marry are approaching marriage for the second time. There are pluses and minuses to this new situation. On the plus side, individuals ente...


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...

_



24156

24185


Member of BC Press Council


24228