BE PART OF THE TEAM

Access exclusive podcasts, interviews and analysis with a monthly or annual membership

Become A Member
Dublin: 7°C Wednesday 28 October 2020
Advertisement

Oakley is reportedly suing Rory McIlroy and Nike, hoping to hold up their $200m endorsement deal

Mo’ money, mo’ problems.

Image: Lynne Cameron/PA Wire/Press Association Images

OAKLEY IS SUING Rory McIlroy and Nike for breach of contract.

McIlroy’s apparel contract with Oakley expires on 31 December. Under their deal, Oakley has the right to match any competing offer that involves glasses or clothing, according to ESPN’s Lester Munson.

Oakley is claiming that McIlroy and his agent jumped ship for Nike and ignored their matching offer, thus violating the contract.

There aren’t any official numbers on the potential Nike-McIlroy deal, but Robert Lusetich of Fox Sports says it is worth in the $200-250 range over 10 years. Oakley claims 30% of the deal, or $60 million, involves products they currently give McIlroy, so they should have had the chance to match that part of the package. From Munson:

“According to Oakley, the damage that has resulted from McIlroy’s refusal to renew with Oakley is ‘irreparable’ and entitles Oakley to an injunction that would stop Nike and McIlroy from concluding or implementing their contract. Oakley is also claiming money damages but does not specify any amount and asserts that it has spent $300,000 on a photo shoot for the products McIlroy would have endorsed in 2013.”

The Nike deal is a “head-to-toe coverage” endorsement deal, Munson says, that is the most lucrative in golf history.

Of course he’s smiling — McIlroy finishes year on top of the world

Be part
of the team

Access exclusive podcasts, interviews and analysis with a monthly or annual membership.

Become a Member

Published with permission from:

Business Insider
Business Insider is a business site with strong financial, media and tech focus.

Read next:

COMMENTS (1)