Legends, the global premium experiences brand, has today unveiled a decade-long multimedia rights deal with the athletics department at Florida State University (FSU).
The tie-up aims to enhance and maximize the university’s commercial platforms and rights portfolio.
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The deal adds to an existing relationship between the two parties, through which Legends manages hospitality offerings at the FSU Doak Campbell Stadium.
The multimedia rights element will cover broadcasting, sponsorship, and licensing opportunities, and to handle these, a vehicle called Florida State Global Partnerships has been launched.
Legends, in terms of similar tie-ups across North American collegiate sport, also has multimedia rights deals with the University of Miami, the University of Notre Dame, and Georgia Tech.
Mike Behan, president of Legends College, has said: “Florida State University is a forward-thinking institution that understands the importance of aligning revenue streams to position for success in the new collegiate landscape.
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By GlobalData“The recent NCAA settlement [through which the National Collegiate Athletic Association agreed to pay compensation reportedly amounting to $2.8 billion to thousands of current and former student athletes] has further emphasized the need for universities to explore innovative ways to optimize their commercial potential.”
Legends College was launched last November to provide a holistic range of services to US college sports clients, including across sectors such as research, project development, premium ticket sales, sponsorships, food and beverage, merchandise, business intelligence, marketing and fundraising, and engagement.
Legends’ activities and partnerships across US college sports have increased substantially in recent years, with a core area of expansion being advising athletic departments around major facility transformation projects.
Behan became president of Legends College after a period as chief operating officer for collegiate partnerships at the company (which he took up in June 2021).
Michael Alford, Florida State’s vice president and director of athletics, added: “Together we can capitalize on a limitless array of new opportunities for revenue streams while also maximizing our potential in established avenues as well. This will enable us to meet the growing needs of our student-athletes while also maintaining financial stability for the services we provide in areas of fan engagement and experience.”
The NCAA settlement, unveiled in late May, is understood to have two parts.
Firstly, (if and when approved by a federal judge) it will involve the distribution of around $2.75 billion to athletes who competed before July 2021 – the point at which the NCAA first moved to allow athletes to be compensated for their name, image, and likeness rights.
Secondly, a future revenue-sharing model will be created through which the NCAA and its main five athletic conferences are expected to distribute millions of dollars directly each year.
