The Ultimate Fighting Championships (UFC) announced a new fight kit deal with Venum on Friday that will take effect in April 2021 after the current deal with Reebok expires in March 2021. The deal is brokered by IMG’s licensing business. The terms of the partnership have not been made public but the contract is neither as long or as valuable annually as Reebok’s expiring deal, according to Sportico.
UFC 251 Live : UFC new kit deal with Venum lower than Reebok deal
According to some reports UFC’s Reebok deal was worth USD 70Mn for 6 year relationship. The new deal with Venum in comparison is weaved at lower values. But UFC President Dana White is all pumped up with the new deal.
The deal will allow Venum’s UFC apparel appear in the octagon and in retail outlets from April 2021, when the promotion’s six-year, contract with Reebok expires. Venum will now get to work creating UFC product lines including the ‘Fight Week Gear’ and ‘Fight Night Kit’.
According to UFC another main feature of the deal with Venum will be that the fees to the athletes will increase in comparison to Reebok deal. UFC insists that the fees paid to fighters will go up under the terms of the arrangement with Venum. Currently fighters get a minimum of US$3,500 per bout from Reebok with the pay scale topping out for title holders at US$40,000.
“All of our athletes will be getting an increase in fees,” UFC chief operating officer Lawrence Epstein told Sportico. “We haven’t set the exact numbers, but we are committed to a meaningful increase.”
Franck Dupuis, Venum founder and chief executive, added: “Venum is a brand that has grown alongside the sport of MMA as it has exploded in popularity around the world. We are both proud and grateful, as this agreement signifies the success of our journey over the past fifteen years.”
With Venum not currently manufacturing footwear, Reebok will continue to serve as the UFC’s official footwear provider through 2021.