Under Armour, UCLA ink record $280M college apparel deal

Under Armour just took another step onto its rivals' turf.

The sports apparel maker has reached a 15-year, $280 million footwear and apparel deal with the University of California, Los Angeles, a source told CNBC on Tuesday. It trumps the previous largest agreement in college sports, Nike's $252 million deal with Ohio State University.

The agreement will be announced officially on Tuesday afternoon.

Under Armour previously signed contracts with Notre Dame, Auburn and Wisconsin as it looks to expand its college sports presence. UCLA's deal with Adidas is set to expire next year.

Under Armour shares were up 3.5 percent midday Tuesday.

CNBC's Jessica Golden contributed to this report.