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Under Armour Slashed Sponsorships in 2020

The sporting gear company Under Armour has been shedding sponsorship deals over the past year, and now we know how deep the cuts have gone.

Under Armour Inc. released its annual report in late February, which shows the company slashing its sponsorship spending by an astounding 47 per cent in a single year. The cuts reduce Under Armour’s spending on sponsorships from $679.1 million in 2019 down to $361.6 million in 2020.

Under Armour’s CFO David Bergman explained the move on the company’s fourth quarter earnings call, saying it’s all about getting more bang for the marketing buck.

“That allows us to have a bigger war chest, to be nimble on a marketing front going forward and making sure we’re deploying that marketing in the areas of highest return,” Bergman said.

The financial cuts came as Under Armour terminated various marketing commitments and programs in a bid to reduce overall expenses due to lower sales revenues. Most recently Under Armour confirmed it was ending its extensive on-field licensing contract with the National Football League, around the same time as the Super Bowl. As a result, accessories from Under Armour are restricted for use on the field during games. Nike remains the primary sponsor for the NFL.

Under Armour has also terminated contracts in its collegiate affiliations, including UCLA, the University of California, Berkeley and the University of Cincinnati.

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