One benefit of a successful career as a professional athlete is the potential for sponsorships and endorsements. These income streams can still be viable long after your athletic career is over. Not every offer for a sponsorship is in your best interest, however. With help from a knowledgeable sports attorney, you could secure deals that will set you up for long-term success.
If you are offered an athletic sponsorship and endorsements in New York City, the support of legal counsel is crucial. Donovan Rodriques could help broker a deal that is fair and meets your needs, such as legal protection for athlete image rights or securing long-term sponsorship deals.
An athlete’s image, voice, name and likeness are commodities that can provide value for businesses open to working with them. A sponsorship agreement must be favorable, protect the athlete’s image, and prevent others from profiting from it unlawfully.
The terms of a sponsorship agreement can go a long way toward protecting an athlete’s brand. A lawyer could work out terms that ensure the best possible arrangement. Contracts have some important considerations.
A critical component of this process is highlighting what is expected of an athlete. This is one area where both sides can focus on their own priorities. This might include setting a minimum number of public appearances, requirements on wearing sponsor logos or merchandise, or details about potential commercial filming. These details are critical for an athlete considering a sponsorship or endorsement deal in New York City.
The terms of compensation for sponsorships and endorsements can vary dramatically from contract to contract. In some cases, exchanging a lump sum payment for a single appearance might make sense. In other cases, multiple payments might be spread out over months or years. The parties might also agree on terms related to bonuses or stair-stepped compensation based on certain performance metrics.
In many cases, companies willing to sponsor an athlete will only do so on the condition of exclusivity. This usually includes language preventing the athlete from endorsing a competitor within the same industry. The extent of this exclusivity depends on what each side agrees to.
There is no one right way to draft sponsorship or endorsement contracts in New York City. An attorney could customize each deal to their client’s needs, balancing an athlete’s privacy with their professional and financial goals.
The terms of these agreements can include complex compensation provisions and detailed requirements related to brand exposure and endorsements. Both sides can negotiate terms that are in their best interest. The right lawyer could ensure an athlete gets the best arrangement possible with their sponsors.
Securing athletic sponsorships and endorsements in New York City can be challenging without help or support. A skilled attorney could negotiate with potential sponsors while ensuring the agreement between the parties is fair. Before you attempt to negotiate terms on your own, secure your future with a strong sponsorship contract. Contact us today to schedule a consultation.
