Under Armour CEO Kevin Plank lauds Maryland leadership for Big Ten move

Former Terps football player will not pay $50 million ACC exit fee

November 20, 2012|By Chris Korman

Kevin Plank attended the dedication of a new turf field and recreation center in Patterson Park Tuesday morning, briefly waving to a crowd of about 100 that included children and pro players from the Baltimore Orioles and Chesapeake Bayhawks lacrosse team.

(The field and new facility are terrific by the way, especially in a park that really draws so many people together from diverse neighborhoods.)

As he left, he declined a chance to discuss Maryland's move to the Big Ten. He yelled, "Go Terps, baby" as he ducked into one of the dark black SUV's that generally cart him and any entourage he may have around the Baltimore area. This isn't unusual. Plank is not one to stand around and shoot the breeze. Impromptu discussions aren't his thing.

Which is why it should come as no surprise that he released the following statement Tuesday afternoon:

"As a former student-athlete at the University of Maryland and a supporter of the Athletic Department, I would like to congratulate Wallace Loh, Brit Kirwan and Kevin Anderson on reaching this agreement with Jim Delany and the Big Ten Member institutions.  The ACC has been a great partner to Maryland throughout the years, however joining the Big Ten now provides new and exciting opportunities for our beloved University.  The positive financial impact of this move has been well-documented, however, enhancing the experiences for all of our student-athletes and our campus as a whole is the most important consideration.  I look forward to this new chapter for Maryland and I am excited for our future. Go Terps!"

So that's that. There's been much speculation about Plank's role in the decision, and he has denied pushing it one way or the other.

Under Armour spokeswoman Diane Pelkey also says that Plank will not be contributing to help Maryland pay a $50 million buyout fee to the ACC and called reports of such, "completely false."

Plank did disclose plans to sell up to 1.3 million shares of stock in Under Armour, worth about $65 million at current prices, over the next year. But Pelkey said Plank had made plans to liquidate the stock months ago and that the money will be used for tax, estate, and charitable giving. 

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