As an athlete, you’re no doubt aware of the potential benefits of a lucrative sports contract or marketing deal. Professional athletes earn millions of dollars to play the games they love and sell products that regular folks want to buy. Then again, finding the proper representation is no laughing matter. Avoid preventable mistakes or misunderstandings by hiring a trained legal professional with years of experience in the arena.
NCAA Amateurism Guidelines
As a collegiate athlete, it’s crucial to understand the NCAA’s guidelines for amateur competitors. While it might not seem like a big deal at the time, accepting compensation for an endorsement or making certain unsanctioned media statements can temporarily or permanently disqualify you from competition and put your future career plans in jeopardy. A qualified legal professional can advise you on these matters and ensure that you don’t make a costly mistake.
Weighing Competing Offers
If you’re weighing scholarships or professional contracts, you’ll need to keep the finer points of negotiation in mind. It’s rarely a good idea to jump on the first offer that you receive. As in most sports, it’s also important to use the clock to your advantage: Letting a potential deal languish as the deadline approaches lets your negotiating partners know that you’re serious about getting a good deal. At the same time, discretion is key. Your representative can help with these tactics and give you advice on what to disclose to potential suitors.
Exit Clauses and Guarantees
When you’re first starting out, you’re not thinking about the prospect of terminating your relationship with a team or media partner. Since the wording of your contract’s exit clauses, guarantees and “sweeteners” can have a big impact on your long-term compensation, it’s important to lean on a trustworthy representative who knows how to work such matters in your favor.
Some Marketing Deals Are Worth Passing Up
In the world of sports contracts, money isn’t the only important factor. As an athlete and public figure, you have an image that you’re responsible for protecting. The wrong endorsement deals or media statements can undermine that image and hurt your chances of picking up favorable contracts or endorsements in the future. Having a trusted partner who can tell you when to say “no” is key.
Whether you’re a graduating high school athlete with big plans or a seasoned veteran who’s tired of navigating the complex world of sports contracts and marketing on your own, you need a trustworthy representative who can advise you on financial, marketing and contractual issues without distracting you from the game you love. For more information about the world of sports contracts, visit our website or call (317) 842-8283 to speak with an Indianapolis, IN attorney with experience in the field.