Under Armour just signed a deal with UCLA that will pay the university $280 million over the next 15 years — an industry record. In a tweet, the athletic wear company referred to the agreement as the merging of two great brands.
— UCLA Athletics (@UCLAAthletics) May 24, 2016
As Business of Fashion reports, big deals between shoe companies and universities are nothing new.
Ohio State earlier this year signed a 15-year, $252 million deal with Nike and Texas’ agreement with Nike is worth $250 million. Michigan’s new deal with Nike could be worth up to $173 million…
So how do we tackle America’s higher education funding crisis? The answer seems to be to just nab enormous contracts with shoe brands.