Starting in 2020, Nike will become the official uniform and footwear supplier of Major League Baseball. MLB, Nike and Fanatics announced the 10-year global partnership on Friday. Fanatics will manufacture and distribute all Nike MLB products sold at retail.

The rights were originally awarded to Under Armour in 2016, but the company's recent financial problems made an on-field deal untenable, according to a report in the Sports Business Journal. Under Armour will save $50 million by rescinding their initial deal.

Nike currently has endorsement relationships with over 500 MLB and minor-league players, such as Mike Trout, Giancarlo Stanton, George Springer, Jose Ramirez, Max Scherzer, Jacob deGrom, Javier Baez and Nolan Arenado.

"Nike's global brand and reputation as a leader in marketing and driving innovation makes them an ideal partner," said MLB commissioner Rob Manfred in a released statement. "In addition, Fanatics is a valuable partner who has proven to serve our fans with speed, agility and quality service.  We're very excited about the possibilities this unique arrangement provides us over the next decade."   

Majestic, which has been baseball's uniform supplier since 2005, is in its final year of its deal before Nike takes over. Nike will also continue as an official MLB sponsor, supporting league initiatives, grassroots marketing and fan events, according to the press release. Nike, as part of the new agreement, will partner with all 30 MLB teams and promote its brand and products across MLB media assets including MLB Network, MLB.com, and MLB Social.