Collaboration, inventiveness, resourcefulness jump to forefront of sponsorship, marketing memories
Irwin Kishner, co-chair of Herrick's Sports Law Group and co-chair of Herrick's Corporate Department, spoke with Sports Business Journal about lessons learned during the pandemic regarding sports sponsorship and the subsequent enhanced collaboration between properties and brands that unlocked previously untapped sponsorship assets.
The article also notes that since that time sponsors have "established [a] new appreciation for their force majeure clauses, which remove contractual liability when there are unforeseen catastrophic events."
“These were considered boilerplate; now they’re longer and highly scrutinized, even down to what constitutes an ‘event,’” said Irwin. “Event cancellation insurance is now more expensive and way more prevalent. … Overall, we’ve seen longer-term deals increasing for the sake of their certainty, even if you had to take a little less to get those done.”
The article further discusses how the lockdown exacerbated the growth of fintech categories, video conferencing services, ultra-premium hospitality and overall sports sponsorship.
Read the full article in Sports Business Journal here. Access may require a subscription.