Less than two years after paying to place their logos on the outfield wall of Wrigley Field, Under Armour backed out of their $10.8 million ad deal with the Chicago Cubs. According to a report from the Sun-Times:
“The Cubs filed a federal lawsuit Thursday against former advertiser Under Armour, accusing the athletic apparel company of reneging on a $10.8 million dollar partnership contract.”
Under Armour entered a new agreement with the Cubs last September and agreed to pay “the Cubs $10.8 million to be the ‘Official Performance Brand’ of the team from the 2009-2013 seasons.”
The Cubs found out Under Armour’s decision in December when they “told the team the $10.8 million would not be coming.”
With the current state of the economy, this could be one of many lawsuits filed by professional sports teams…..