February 12, 2018
I found this particular nugget in the most recent print edition of Sports Illustrated (remember print magazines?).
In 2012, Chicago Bulls point guard Derrick Rose was just 22 years old, and the league MVP. His agents worked out an endorsement deal with Adidas worth — and I am not making this up — $185 million over 14 years. Some of the more interesting provisions in the contract:
- Rose received annual retainers of $12 million per season from 2012-13 through ’16-’17, and gets a paltry $11 million this year
- He receives royalties on top of the retainers of up to $6.25 million per year
- He receives appearance fees on top of the retainers and royalties of up to $4.8 million
- He gets use of a private plane
- His brother is paid between $250,000 and $300,000 a year to be his “consultant”
- Adidas contributes $150,000 to the AAU team of Rose’s choice
How’d that work out for Adidas?
Rose missed all of the 2012-13 season with an injury, and all but 10 games of the following year. Until two days ago, he was earning the NBA veteran minimum of $2.1 million, down from his peak playing salary of $20 million per season, but he was waived by the Utah Jazz on Saturday. Oh, and Rose was a defendant in a civil suit brought by a former girlfriend who accused him of sexually assaulting her.
Don’t sports agents get somewhere around 5% of their client’s salary? I’m practicing in the wrong area of the law, my friend.