Adult webcam company CamSoda offers UCLA $ 205 million to replace Under Armor

0

Just days after the news broke Under protection waived his $ 280 million contract with UCLA, the adult entertainment webcam company CamSoda has extended a lucrative partnership offering with the school.

“In light of this, I would like to officially extend a 10-year, $ 205 million contract offer for CamSoda, one of the leading adult entertainment webcam companies, to become the new official partner of UCLA Athletics.” , said CamSoda vice president Daryn Parker. in a report. “With our passion for all sports, we would like nothing more than to affiliate [with] UCLA, one of the blue-blooded college sports programs. “

Under Armor released a statement on Saturday announcing its decision to terminate the 15-year, $ 280 million contract with UCLA over “paying for marketing benefits that we haven’t received in a long time.”

Forbes reports that Under Armor shares fell nearly 20% in February after the company predicted sales would drop from $ 50 million to $ 60 million next quarter due to the coronavirus.

the Los Angeles Times describes the terms of the agreement, who said Under Armor had agreed to give UCLA $ 15 million up front and an additional $ 11 million each year for rights and marketing costs. UA would also provide the school with an average of $ 7.4 million worth of clothing, footwear and equipment each year, and has contributed $ 2 million over eight years for sports facility upgrades.

UCLA hopes to keep its Under Armor deal intact, especially as the sports department reported a deficit of nearly $ 19 million last year, which will be covered by the school through an interest-bearing loan, through The news of Mercury.

It all comes as UCLA athletic director Dan Guerrero is due to retire on July 1 after 18 years, leaving all this mess up to Martin Jarmond to clean up.

Related Articles

More complex

Subscribe to Complex newsletter for the latest news, events and unique stories.

To pursue Complex at: Facebook, Twitter, Instagram, Youtube, Snapchat, TIC Tac

Leave A Reply

Your email address will not be published.