Announcing a new long-term contract extension with the four-time NBA champion, Under Armour has ended months of rumors by naming Stephen Curry president of the Curry Brand, while also planning expansions in new and existing categories. Terms of the contract extension were not disclosed, but insiders said the deal could be among the most lucrative sports contracts when stock ownership, royalties and bonuses are factored in. Kevin Plank, the founder of Under Armour, told ESPN that Curry Brand’s achievement of revenue goals could continually extend the contract into a potential lifetime commitment. During his remaining playing days, Under Armour’s stock value and annual compensation could dwarf his NBA contract value, which will exceed $473 million by the 2025-26 season. Curry’s previous contract with Under Armour was set to expire in 2024, and there has been much speculation about the negotiations, which were reportedly years in the making.
Since 2013, Curry had helped drive industry-leading signature launches and provided key insights into Under Armour’s product technologies, such as UA Charged, UA Hovr, UA Warp and UA Flow, putting the then apparel-focused company on the path to footwear success before a 2017 decline in third-generation sneaker sales led to a restructuring of the brand’s design department. The next round of negotiations brought about the launch of the Curry Brand segment in 2020.
In the next phase of the partnership, Under Armour and Curry will expand their engagement across all categories – including the golf, women’s, youth and sportstyle segments, according to a company press release. Curry will also take on a broad advisory role in which his sphere of influence will strengthen brand love and recruitment and present opportunities across all categories to grow Under Armour’s athlete roster.
The partnership also includes increased funding for community outreach efforts to create opportunity, access and equity for the next generation of athletes. Curry Brand, which launched in 2020, “built purpose into its bottom line.” Two years later, Under Armour, Curry and Curry Brand have already renovated 10 courts, trained 2,500 coaches, supported 77 programs and impacted more than 72,000 youth athletes. This is already more than halfway to the goal of renovating 20 safe courts, training 15,000 coaches and supporting 125 programs to reach 100,000 youth by 2025.
