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Under Armor Rescues Billionaire Kevin Plank's Shaky Port Covington Project


by Tyler Durden
Friday, Apr 23, 2021 - 06:40 PM
Former Under Armor founder Kevin Plank s Port Covington project in Baltimore City is one of the largest urban revitalization projects in the US. Earlier this week, Under Armour, announced plans to move its global headquarters to Port Covington, effectively saving the billionaire from a forced exit of the project by Goldman Sachs, according to Baltimore Brew. 
Plank s Port Covington project is a much different one than what was initially announced in 2016. Plank personally bought up all the land in the area and sold it in 2016 to the athletic footwear and apparel maker for $70 million. During that period, a series of bonds issued by Baltimore City left taxpayers on the hook for $137 million.  ....

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