Curry left Nike after the first four years of his professional career to sign with Under Armor in August 2013 and immediately became the face of their footwear line. His original contract was for an annual deal worth approximately $4 million, by Rolling Stoneand later expanded to $20 million annually.
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The company launched a new subsidiary, Curry Brand, in partnership with the four-time NBA champion in November 2020. Then, in 2022, it signed a lifetime deal with Under Armor that is reportedly worth more than $1 billion. But after three years, their partnership fell apart.
Here’s more information on the timing of the announcement (via CNBC):
“Under Armour’s separation from Curry was announced along with an expansion of the company’s restructuring plan. The company now expects it to cost $255 million, $95 million more than it previously said, including the separation of the Curry brand, additional contract terminations, impairment charges and severance costs.Under Armour’s basketball business, including the Curry brand, is expected to generate between $100 million and $120 million in revenue during the current fiscal year, which will end early next year, the company said in a news release. The separation is not expected to have a “significant effect” on Under Armour’s financial results or profitability, it said.
While the Curry brand is expected to continue independently, and although Under Armor still owns Curry’s “Splash” logo, it is said to obtain ownership rights.
Although their partnership won’t end until late 2026, including the launch of the Curry 13 in February, the two-time MVP will be “free to use other brands” and pursue new deals. Meanwhile, the brand will “develop new UA Basketball products” without its longtime promoter.
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De’Aaron Fox is the most notable NBA athlete still owned by Under Armour, while WNBA star Kelsey Plum is now the most recognizable basketball athlete to endorse the brand. Joel Embiid left Under Armor for Skechers in 2024.
This article originally appeared on For The Win: Why Did Stephen Curry Leave Under Armour?