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The thought of LeBron James endorsing a sneaker other than Nike, or Shaun White riding a snowboard other than Burton, is almost unimaginable. One reason why athletes such as those superstars become indelibly linked to a particular brand or team is the right of first refusal provision in their endorsement and playing contracts. This article explains how a properly drafted right of first refusal can be a very powerful tool for sponsors.
Brian R. Socolow is a partner at Loeb & Loeb LLP. He represents organizations in the sports industry and other businesses. He is based out of the New York office.
Reprinted from Sports Business Journal, Volume 12 Issue 2. Permission for article reprint has been granted.