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Florida State signs 10-year multimedia rights partnership with Legends

Nakos updated headshotby:Pete Nakos07/10/24

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As Florida State continues a legal battle against the ACC and evaluates outside revenue sources, it entered a new multimedia rights partnership.

The athletic department has inked a 10-year agreement with Legends, which has struck multimedia rights partnerships with Notre Dame, Miami and Georgia Tech in recent years. Previously working with Learfield, Legends already supports premium seating for the $260 million renovation of Doak Campbell Stadium and manages hospitality for Florida State athletics.

“This partnership between Legends and Florida State Athletics creates a dynamic collaboration between like-minded organizations at a time when the importance of alignment has never been greater,” FSU Athletic Director Michael Alford said in a statement. “Together we can capitalize on a limitless array of new opportunities for revenue streams while also maximizing our potential in established avenues as well. This will enable us to meet the growing needs of our student-athletes while also maintaining financial stability for the services we provide in areas of fan engagement and experience.”

The partnership comes as schools prepare for the impact of the multibillion-dollar House settlement. Schools will have the opportunity to opt-in to a revenue-sharing agreement, with the option to share roughly $20 to $22 million per year with players.

Of the $2.77 billion expected to be paid in back damages to former athletes as part of the House settlement, the NCAA is expected to be responsible for 40% of the payout. The other 60% will come from a reduction in school distributions. The complete settlement could be submitted to Judge Claudia Wilken in the coming days.

Florida State has been exploring new revenue opportunities, even looking into the possibility of private equity. As has been previously reported by Sportico and the Tampa Bay Times, the Seminoles have at least spoken with two private equity firms, Sixth Street and Arctos Partners. Legends signed a majority investment from Sixth Street in 2021.