Why hire a Sport's Agent?
This is just an example of big names in Sport's that have provided generations of players with cautionalry tales of what can become of an athlete should he or she not have adequate legal representation. From royalties to contract limitations, had the above mentioned owner hired competent legal leadership, much would've been different about their franchise.
Today, it's necessary for anyone in hte Sport's industry to seek the advice of a Fiduciary. Unfortunately, Players often face scenarios where the bargaining power of the other side- the franchise or the management is far greater than their own.
This two-part series explores why to hire a Sport's agent. The initial discussions concern getting the best deal possible. Next week's feature will focus on protecting interests and how representation helps farther down the road.
Sitting Down at The Bargaining Table
1. Contracts: On the business side of Sport's law, contracts dominate. An agreement between a player, and franchise, or owner can either makes one's life miserable or fairly accommodate the needs of hte Player or groups. A good example involves Leonard Tose, the former owner of the Philadelphia Eagles. A few years ago, Mr. Tose got involved in complicated negotiations with some investors who wanted to buy the team. Eventually, an agreement was reached and hte lawyers were told to start preparing the formal documents for signature. But before the papers were finalized, Mr. Tose reconsidered and decided not to sell. The buyers maintained that the deal was beyond the backing out stage, and they sued to get the team. In response, Mr. Tose confidently faced the media and assured Philadelphia that no deal had been finalized. There might have been an "understanding" or the outline of an arrangement," he maintained, but there was no signed "contract," and whatever had happened around the conference table was not yet legally binding.
Like many executives , Mr. Tose apparently believed that a "contract" had to be in the form of a written, "legal" document. But when the case got to court, the judge disagreed. What was important, the judge said, was what had gone on between the people involved-not what they called it or whether the decided to have their lawyers write down on paper.
--Gregory R. James
Today, it's necessary for anyone in hte Sport's industry to seek the advice of a Fiduciary. Unfortunately, Players often face scenarios where the bargaining power of the other side- the franchise or the management is far greater than their own.
This two-part series explores why to hire a Sport's agent. The initial discussions concern getting the best deal possible. Next week's feature will focus on protecting interests and how representation helps farther down the road.
Sitting Down at The Bargaining Table
1. Contracts: On the business side of Sport's law, contracts dominate. An agreement between a player, and franchise, or owner can either makes one's life miserable or fairly accommodate the needs of hte Player or groups. A good example involves Leonard Tose, the former owner of the Philadelphia Eagles. A few years ago, Mr. Tose got involved in complicated negotiations with some investors who wanted to buy the team. Eventually, an agreement was reached and hte lawyers were told to start preparing the formal documents for signature. But before the papers were finalized, Mr. Tose reconsidered and decided not to sell. The buyers maintained that the deal was beyond the backing out stage, and they sued to get the team. In response, Mr. Tose confidently faced the media and assured Philadelphia that no deal had been finalized. There might have been an "understanding" or the outline of an arrangement," he maintained, but there was no signed "contract," and whatever had happened around the conference table was not yet legally binding.
Like many executives , Mr. Tose apparently believed that a "contract" had to be in the form of a written, "legal" document. But when the case got to court, the judge disagreed. What was important, the judge said, was what had gone on between the people involved-not what they called it or whether the decided to have their lawyers write down on paper.
--Gregory R. James
