Under Armour terminates $280M apparel deal with UCLA

• Under Armour (NYSE:UAA) is discontinuing its partnership with UCLA - a 15-year, $280M contract announced in 2016 that was billed as the biggest apparel deal in the history of American collegiate sports.
• "We have been paying for marketing benefits that we have not received for an extended time period," the company said in a statement. "The agreement allows us to terminate in such an event and we are exercising that right."
• "We are exploring all our options to resist Under Armour's actions," UCLA said in response. "We remain committed to providing our hard-working staff and student-athletes with the footwear, apparel and equipment needed to train and compete at the highest level."