The news keeps on hitting the wrong way for the UCLA Bruins as multiple sources have told the Mercury News that Learfield/IMG College is expected to ask the Bruins to revise, renegotiate or otherwise terminate their multi-million dollar sponsorship.
Just a few days after Under Armour announced they’re going to terminate their contract with UCLA, Learfield/IMG College is also set to ask the same and apparently going to follow suit with Under Armour in asking Cal Berkeley to do the same.
UCLA’s deal with Learfield includes the following monetary figures, as reported by the Mercury News from reports by the Hotline, ESPN and SportsBusiness Journal:
Annual Cash Payment: $15 million
Years remaining w/ Learfield: 7
Total cash value at stake: $75 million
While UCLA doesn’t seem to be the only school that Learfield/IMG College is attempting to renegotiate with, per sources, it does seem to be one of the biggest contracts that is in limbo.
Adding in all possible factors with the potential loss of Under Armour and Learfield/IMG College with the already posted $19 million in deficit, the fiscal year reports that would come about in 2021 would be staggering. In fact, it could be upwards of $50 million in total if the annual cash payouts are factored in.
And that would be assuming that we do also get a football season this fall.
It’s shaky ground, even shakier than before. Of course this comes on the eve of the eve of Dan Guerrero’s last day as athletic director.
Martin Jarmond has his hands full.
This is a developing story and we’ll closely monitor with any new developments.