Absolutely, which is exactly what I meant when I said "UTAD just bet on itself".
I said how much it was in my post. I suggest a re-read.
While the equipment deal is less in valuation it is based on a somewhat dubious "wholesale versus retail" rating. Adidas quoted the value of equipment based on a wholesale cost and then inflated it based on what it's "retail worth" is. That's about as meaningful as an MSRP on a car. MSRP can mean anything, that isn't the real bottom line.
I'll take an MSRP $30k Audi over an MSRP $35k Cobalt any day.
The true value is UTAD betting on itself for the next 8 years and that 4% royalty paying dividends.