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Big Bucks for Buckeyes
In another sign that the recession isn't squelching all economic activity, the Ohio State University said today that it has signed a 10-year, $110 million contract with the Cleveland-based talent agency IMG and RadiOhio to manage all of the university's sports-marketing rights not already covered by its relationships with the Big Ten Conference and the National Collegiate Athletic Association.
The contract, which takes effect in June, covers publishing, radio programs, and live and delayed TV broadcasts of any of the university's 64 varsity sports teams. It also covers corporate sponsorships, stadium signs, on-site marketing, and coaches' endorsements. The only rights not covered in the agreement are those already pledged to the conference and the NCAA.
As big as the deal is, averaging $11 million a year, it still seems a relative bargain when compared with the sums that the New York Yankees will stump up for much of its roster this year: Alex Rodriguez ($25.5 million a year), CC Sabathia ($23 million), and Mark Teixeira ($22.5 million).
The Buckeye deal seems especially savvy in light of what Ferrari's Formula One racing teams has promised to its top drivers. Finnish wheelman Kimi Räikkönen signed a deal worth a reported $50 million a year.
by Mark Stein
