Under Armour Delays Payments To Athletes
The Covid-19 crisis is hitting business hard worldwide. Now sports brand Under Armour said it is working with its athletes to negotiate extended payment terms.
Under Armour’s first-quarter sales plummeted 23%. The brand’s value (market cap) is now around $3.5 Billion. Under Armour was worth $22 Billion in October 2015.
Under Armour Delays Payments To Some Of Its Athletes Because Of Covid-19 Pandemic
Under Armour said the company is negotiating sports marketing contracts to defer payment with some of its athletes.
“We’ve been negotiating and working with them and we’ve been able to get some extended payment terms there, which are helpful just in general with our overall capital preservation efforts,” Under Armour CFO Dave Bergman said on Monday’s conference call.
Under Armour has footballers such as Trent Alexander-Arnold, Granit Xhaka, Memphis Depay, Jonathan Tah under contract, as well as many big sports stars like Tom Brady, Steph Curry, Joel Embiid, Bryce Harper, Clayton Kershaw, Jordan Spieth, Misty Copeland, and retired athletes Michael Phelps and Lindsey Vonn.
The company did not say which contracts it has renegotiated.
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