BloggingStocks.com
Jan 26th 2009 5:00PM by Mark Fightmaster
You see, the Cubs are suing Under Armour, Inc. (NYSE: UA) for breach of contract (check out SportsOneSource Media for the heads up). The UA logo is emblazoned on the left-center and right-center field doors embedded in the iconic ivy walls of Wrigley Field.
The two entered into a $10.8 million contract two years ago, but the Cubs have filed a complaint in U.S. District Court in Chicago alleging that UA told them on December 12 that it won't sponsor the team for the upcoming season and that it won't meet any obligations. The Cubs expect full payment of the contract, and note that UA reneged on the agreement after realizing its dire financial situation in December. UA contends that the new Cubs management terminated the agreement after the second season, and a new deal was never agreed upon.
http://www.bloggingstocks.com/2009/01/26/not-so-fast-under-armour-youre-being-sued-by-the-chicago-cubs/
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