In one of the biggest athlete contracts in the sports industry, baseball star Robinson Cano has signed a $240 million deal with the Seattle Mariners. The former New York Yankees second baseman’s 10-year contract is the third most expensive in baseball history.
The negotiations for the contract were closely watched by many in the sports and entertainment industries. Not only is Cano a star player, but he was also represented by hip-hop titan Jay Z’s new athlete representation company.
Jay Z’s Roc Nation Sports is trying to build a reputation for securing large dollar amounts for its clients. Cano’s contract appears to support that claim, but it almost didn’t turn out that way. At one point, newspapers were reporting that negotiations had stalled after Roc Nation demanded the Mariners pay Cano $252 million.
Cano has told reporters that he felt disrespected by the Yankees and wanted to leave. At one point, the New York Mets were cited as possible suitors, but the Mariners apparently won a bidding battle. How this will play out for Cano’s long-term prospects is anyone’s guess.
Much of athlete representation involves negotiating contracts. This includes not just contracts with teams, but merchandising and licensing contracts, which can be just as lucrative. These negotiations take skill, patience, preparation and knowledge. A qualified Florida attorney with experience in many aspects of sports and entertainment law can help people at all levels of these industries to secure the contracts they need, so that they can concentrate on the demands of their talent.
Source: Forbes, “Cano Signs $240M Deal With Seattle; Jay Z Saves Face, Sort Of,” Zack O’Malley Greenburg, Dec. 6, 2013