UK Enters into $210 Million Multimedia Rights Contract
University of Kentucky athletics is entering into a $210 million dollar multimedia marketing rights agreement with JMI Sports. The 15-year agreement is being called "one of the most valuable partnerships of it's kind."
UK Executive Vice President Erik Monday says the marketing alliance is a financial win-win for both JMI and UK Athletics. "JMI Sports represents the university in athletics, goes out, builds relationships, builds the radio network, puts corporates sponsorships together and other things. They receive revenue from those corporate entities for those rights, and then they utilize that to pay their commitment back to the institution," said Monday.
Monday says campus multimedia rights could mean more revenue, employment opportunities and student internships. UK Athletics Director Mitch Barnhart was asked if this 200 plus million dollar agreement could have any bearing on the Rupp Arena project or building an on campus basketball area. "This is not about the Rupp Arena piece. This is about our sustainability and making sure operational and resource wise we have the ability to look to the future and keep our program where we are competitively, where we are academically, what are kids are doing away from the game," said Barnhart.
The contract with JMI covers everything from radio rights and stadium and arena corporate signage...to coaches' endorsements and game sponsorships.