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.
Read more Business News
- 22-pound cat attacks baby in PortlandWorld - 6:36 am
- Lost snowmobiler was full of lifeVernon / N. Okanagan
- Buskers festival remains on radarKelowna
- Harvesting rain water in the OkanaganPenticton / S. Okanagan
|QHR Technologies Inc||1.19||+0.01|
|Anavex Life Sciences||0.54||+0.12|
|Copper Mountain Mining||2.14||-0.06|
|Sunrise Resources Ltd||0.03||-0.005|
|Mission Ready Services||0.275||-0.02|
How will you pay for this today? Maybe it’s time to change the way you answer this common checkout question.With more payment options than ever, consumers can find easy ways to save money, simpl...
In the razzle dazzle of Hollywood it is hard to find anyone who stands out from the crowd. The fraternity of Actors, Producers, Directors and various other technical guru’s seem to live in a wo...
This past Sunday I drove from Kelowna to Powell River. For those of you who’ve never had to, particularly in winter, it means rising in the wee hours; managing a treacherous journey on the Coqui...