Auburn University and FOX Sports have agreed to a multimillion dollar deal, worth approximately $120 million over the next 10 years.
As Auburn’s last deal with IMG college averaged about $6 million, this will virtually double its multimedia rights revenue every year, generating about $50 million more in income by the time the contract expires in 2026.
With this deal, Auburn joins the ranks of the University of Southern California and the Big East, including basketball powerhouses Villanova and Georgetown.
This increase in pocket change came at a much-needed time for Auburn Athletics, after reporting a $13.7 million deficit following the 2014 fiscal year, despite collecting over $4 million in student subsidies.
This deficit was largely in part to severance packages to former coaches.
However, both basketball programs saw a deficit as well. The men’s team saw a $136,000 loss, and the women’s basketball team reported a $4.75 million loss.
FOX Sports will be responsible for Auburn’s multimedia rights, including promotional activities, social media integration, intellectual property rights, Auburn’s radio network, as well as other determined aspects of Auburn Athletics.
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"We are thrilled to bring the Auburn brand to FOX Sports, a household name in the collegiate athletics space," said Auburn Athletic Director Jay Jacobs."FOX Sports will allow us to grow our brand nationally and enhance our brand value. The entire FOX Sports team has proven how much they believe in Auburn throughout this entire process."
FOX Sports is also reportedly closing in on a second gargantuan deal: They have all but inked a 10-year, $150 million deal with the Michigan State Spartans after talks began to emerge just a month ago.
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