The deal includes increased annual financial guarantees for the university and additional revenue-sharing opportunities for both partners. The original agreement between the two parties dates back to 1992, and it stipulates that IMG College owns the rights to exclusive game broadcasts, radio shows, publications, promotions, gameday hospitality and all commercial sponsorship properties.
As part of the extension, IMG also will gain more multimedia sponsorship assets, including the basketball floor apron at Lawrence Joel Veterans Memorial Coliseum, football field-level signage at BB&T Fieldhouse, concourse and entryway branding at both facilities and expanded social-media opportunities.
Wake Forest University and IMG have also made a mutual commitment to continue upgrading the digital equipment at multiple WFU athletic facilities during the tenure of the agreement.
IMG College also will continue to manage all of Wake Forest’s licensing agreements. The school’s licensing program has generated more than $1.5 million in licensing royalties since partnering with the Collegiate Licensing Co., the licensing affiliate of IMG College, in 2011. Its officially licensed products are sold at nearly 750 locations, according to the agency. — M.Q.