Essential Considerations for NIL Deals in Sports Marketing and Law
Stay informed about the key aspects of Name, Image, and Likeness (NIL) deals in sports marketing and law, including working with professionals, hiring agents or attorneys, and signing endorsement contracts. Learn valuable tips to protect your brand, navigate legal requirements, and secure favorable deals in the sports industry.
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Presentation Transcript
-7 year NFL Agent & Sports Marketing Attorney -UB Law School Graduate -Sports Law & Business of the NFL Adjunct Professor at St. Bonaventure University
Things to think about when it comes to NIL Work with your team & compliance department to make sure you re following every rule and law. Working with professionals & maintaining your brand/image is crucial
Hiring an Agent or Attorney Most state laws that have NIL rules require the agent to be licensed by the state New York does have an Athlete Agent Law- Agents/Attorneys will have SRA s: Standard Representation Agreements Read these carefully!
Hiring an Agent or Attorney Try and sign only NON-EXCLUSIVE marketing SRA s with agents You may be offered various deals. If you re exclusive to one agent, you may not be able to get the deal If you do an exclusive deal, make sure they re working for you! Understand the fees and percentages Termination upon 5 days notice!!! DON T TAKE A MARKETING ADVANCE Its money out of your pocket and can tie you to an agent; also an NCAA violation
Signing an Endorsement Contract Make sure you fully understand what you re signing What are you offering that s of value? If it sounds too good to be true, it probably is Be wary of equity type deals. Sound great in theory, but seldom are Social media is the key
Signing an Endorsement Contract What is the term of the agreement? Can the company terminate it at any time for convenience? Can they terminate it for morals clause reasons? What are the services you re required to do? What rights are you granting them? Do they have unlimited use?
Advice for Endorsement Contracts Shorter term is better! No longer than one year Morals clauses- fight these! Ex: Push for only terminated if convicted of a crime Get Pre-Approval rights for all use of name, image, likeness Make sure all usage of your NIL gets approved by you Make sure their right to use your NIL terminates at end of the deal!!! Get at least 50% of any money up front
Summation Work with your team and compliance department Get everything in writing!! Do not sign anything without having someone help you look over it Don t take the easy, undervalued money now If it s too good to be true, it probably is
If you need help Email me at shane@generationsportsgroup.com Text me at 716-378-2731 Happy to look at your SRA with an agent or help guide you on any NIL contract
