Link to the agreement: https://agent49.net/wp-content/uploads/2018/07/Richardson-Gift-Agreement.pdf
Itâs a headscratcher for sure.
Worth mentioning is theyâve revised current Athletic scholarship agreements to include a reference to the morality clause in the new naming rights policy they came up with in 2016. Not suggesting anything, but the timing of that policy being written before the JR news is interesting, but probably coincidental. Does make you wonder what prompted them to write it, though.
My guess is someone on the legal side caught wind of how poorly constructed they were.
I feel like this might be useful as well.
Will this chite ever end?
Racism and sexual assault? Probably never.
The Panthers had an in-house attorney who was the 2nd person canned when David Tepper closed on the purchase. The first was acting President/whatever Tina Becker.
The agreement reads as if an attorney was representing Jerry Richardson. That the contributions end after 10 years, but the stadium is named for the donor forever is an amazingly favorable deal.
Football stadiums last for a century. Harvardâs is probably the oldest. The University may have to pay Richardsonâs heirs to regain control of the stadiumâs naming rights.
When JR offered us $10M everyone thought it was a great deal since we were only playing FCS. Now everyone thinks it was an awful deal, but without his money we would not have the stadium
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Wasnât the stadium already built?
Yes press conference for it was held at the stadium.
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Wrong on all counts âŚ
- The stadium was built before he came in with the money
- We were playing FCS, however the CUSA deal was already struck (5/4/2012). The Richardson Money wasnât agreed upon until 5/14/2013
- I was 100% vocal in calling this a bad deal 30 seconds after it was announced⌠Unless you are getting STUPID money, any naming rights deal in perpetuity is a bad deal⌠There were several people who pointed that out day 1
YesâŚit was just a nice bonus for the program. The stadium was a done deal with or without JRs money.
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Funny thing is, for at least a year Judy had been offering the naming rights for $5M for 15 years, and had no takers. I guess JR saw an opportunity to get his name on the stadium permanently for a relative bargain.
âThe school had discussed seeking $5 million for temporary naming rights, with an eye toward renewing or signing another agreement after 15 years. Instead, Richardson came along with the $10 million offer and the stadium name was set in perpetuity.â
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Going from $5 for 15 to $10 for perpetuity is an incredible bargain.
Harris Teeter was an option I believe before their merger. Then uncle Jerry fell in our laps.
Judy must have been wearing tight jeans that Friday!
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Terrible deal. JR is no idiot, besides the whole scandal and all
Students are forgetting JR has half the field, too. I donât think we know the terms of that agreement.
EDIT: yes, in perpetuity. The wording on the donation amount is ambiguous.
https://www.bizjournals.com/charlotte/news/2011/11/01/unc-charlotte-to-name-stadium-for-hugh.html
Arenât we only getting 7.5 for the stadium, because he had already paid 2.5 for the field? Or am I remembering that incorrectly.
Total for field was $2.5M and that bizjournal article indicates we got close to that. Probably JR and McColl made a $1M donation each. That was before JR came back for the stadium. The contract for the stadium outlines 10 x $1M payments and mentions the co-naming of the field, so itâs possible the hypothetical $1M paid for the field was considered the first payment on that agreement.