The pattern emerging from Under Armour CEO Kevin Plank and his Maryland-based real estate ventures suggests mounting financial strain beneath the surface. This comes as UA shares have collapsed 48% year to date, trading near record lows, raising questions about Plank’s sudden need for liquidity.
In February, we noted that Plank relisted his $18.5 million, 500-acre racehorse farm, Sagamore Farm, located in upper Baltimore County, just 15 minutes north of Towson, signaled a clear need for liquidity.
Plank purchased the farm in mid-2007 for $6.5 million, invested $22 million in upgrades, and still hasn’t found a buyer.
Looks to me like Kevin Plank has a problem, not Maryland.
One of the turds buddies………….you scratch my back and I’ll scratch yours.