The University of Florida was recently identified by the NCAA as once again having one of the most profitable athletic programs in the nation. While the University’s teams boast impressive records that attracted over one million fans last year, it is not just the enthusiasm and support of the fans that generate revenue. While football and men’s basketball are the top revenue producers, the financial success of the athletic program is attributed to strong business management by Athletic Director, Jeremy Foley.
When Foley first started his job as Athletic Director, the teams were not profitable and the University Athletic Association (UAA) was in dire straits financially. However, his on-the-job training taught him how to successfully run the program like a business and eventually expand it. He credits his success to hiring excellent coaches, negotiating lucrative contracts and expanding the athletic program facilities which contributes to the maintenance of high quality teams and mirrors their success.
In addition to the revenue earned by selling sports tickets, refreshments, and other items related to games during the various sports seasons, the Gators teams have lucrative contracts licensing their logo on clothing, souvenirs, and even furniture. The UAA also earns revenue from every bowl game in which the football team plays and anticipates earning $15 million in revenue as a result of other Southeastern Conference teams participating in bowl games. The UAA also has contracts with certain companies that pay for the privilege of the teams using their equipment and clothing.
Securing and negotiating lucrative contracts and hiring the right people is essential for every business, not just for athletic programs. The Law Office of Knellinger & Associates can help you protect your immediate and long-term interests by assisting you with negotiating beneficial contracts, such as employment contracts and partnership and licensing agreements. Contact us to find out how our business and intellectual property attorneys can help you with all of your business needs.