Under Armour set to leave tennis, but keeps contract with Andy Murray

Under Armour set to leave tennis, but keeps contract with Andy Murray

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Surprisingly, Under Armour is seriously thinking about leaving tennis. The sportswear company is having two very successful ambassadors like Andy Murray, who became the new World No. 1 in 2016, and Sloane Stephens, who won US Open title last month, but costs are too high and earnings not so high instead.

The contract with the British player expires at the end of 2018, and according to a close source, Under Armour wants to keep it in order to avoid eventual extra costs. The company is struggling in a bigger and bigger marketplace and is expected to see its growth between 9% to 11% at the end of the year, which is not satisfying compared with its previous forecast of 11% to 12%.

In August, they cut 280 jobs, and aim to enter new categories like fishing, outdoor gear. On October 20 they launched ArmourBox, which is a new platform where subscribers can buy customers items every month, two or three months, depending on their wishes.

At the end of 2014, Murray signed a £15 million four-year contract, and his contract won't be renewed, as well as Stephens's. Story by CNBC ALSO READ: Andy Murray is back to practice (Video Inside) .