Report: Learfield IMG College Looking At Financial Restructuring, Contract Renegotiations With College Sports Season Uncertain

Season On The Brink

THE WALL STREET JOURNAL is reporting that LEARFIELD IMG COLLEGE is looking at a financial restructuring in the face of the possibility that the college sports season may be cancelled or curtailed due to the pandemic. The JOURNAL, citing "people familiar with the matter," says that LEARFIELD has retained the KING AND SPALDING law firm to advise it on renegotiating its multimedia rights contracts with schools.

LEARFIELD IMG COLLEGE holds the multimedia rights with almost 200 schools and the BIG 12, BIG TEN, and A-10 conferences and is the dominant player in college sports radio as well as in-stadium advertising. The JOURNAL estimates that college football accounts for about half of LEARFIELD’s sports rights revenue, and reports over the weekend indicated that several major schools and conferences are considering cancelling the 2020 season.

SPORTS BUSINESS DAILY reports that the company responded to the JOURNAL report on MONDAY, contending that the story was inaccurate and that the company is not "on the hook" to make guaranteed payments to all of its schools.

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