Adult webcam company CamSoda offers $ 205 million to UCLA to replace Under Armor
Just days after the news broke Under protection rescinded its $ 280 million deal with UCLA, the adult entertainment webcam company CamSoda has extended a lucrative partnership offering with the school.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, a leading adult entertainment webcam company, 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 love nothing more than to become affiliates [with] UCLA, one of the blue blood sports programs in colleges. “
Under Armor released a statement on Saturday announcing its decision to terminate the $ 280 million 15-year contract with UCLA over “payment for marketing benefits we haven’t received in a long time.” .
Forbes reports that Under Armor shares fell nearly 20% in February after the company’s projected sales 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 with an additional $ 11 million each year for rights and marketing costs. UA is also reportedly providing the school with an average of $ 7.4 million worth of clothing, footwear and equipment each year, and has provided $ 2 million over eight years for sports facility upgrades.
UCLA hopes to keep its Under Armor deal intact, especially since 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 Mercury News.
It all comes as UCLA athletic director Dan Guerrero is set to retire on July 1 after 18 years, leaving all that mess up to Martin Jarmond to clean it up.
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