The University of Nebraska Board of Regents on Friday approved a 13-year multimedia rights partnership between the Nebraska Athletic Department and IMG College worth $112.5 million ($109 million guaranteed), making it one of the largest contracts of its kind, according to research conducted by the SportsBusiness Journal in 2007.
The University retains rights to several existing corporate partners including University contracts with Pepsi and the Alumni Association affinity card, and Athletic Department agreements with adidas, Gatorade, Wimmer’s, Valentino’s and several other similar trade sponsors. Website management and television and pay-per-view broadcast rights are also retained by the Athletic Department. The total value of retained rights exceeds $2.375 million each year.
When combined with the $30.875 million that the Athletic Department is retaining in sponsorship rights over the 13-year period, the total value for this multimedia package swells to $143.4 million.
Contributing to the overall compensation are annual rights and advance fees, a signing bonus, operating support and more than $1.6 million in electronic signage upgrades for Memorial Stadium. The contract also provides for opportunities for revenue sharing through additional multimedia related sales. The new contract will begin July 2008 and run through 2021 and will include an expansion of rights currently managed by
. IMG College
Under the agreement,
The Husker Sports Network radio affiliates and coverage for its stable of Husker team sports broadcasts (football, men’s and women’s basketball, volleyball, softball and baseball) will continue or will be increased over the duration of the new contract. All football and men’s basketball games will continue to have full statewide radio broadcast coverage, while women’s basketball and volleyball will have improved coverage with guarantees of broadcasts in
One significant element removed from the new
“We are extremely pleased with the Board’s approval,” said
“We have enjoyed the media services provided to us by the Husker Sports Radio Network over the past 12 years and this contract provides for even better coverage for our sports, particularly for our women’s basketball and volleyball teams,” Osborne said.
“We are looking forward to a partnership with IMG that will help us reach our full marketing potential. We want all of our current sponsors to know that we will remain very closely involved. We fully intend to maintain the personal connections with each of them that have meant so much to us in the past.”
“We’re honored the
The last multimedia rights extension was granted in 2003 to Pinnacle Sports Productions, which first obtained
In addition to representing the