Sports & Entertainment Marketing

Mr. Bernstein

Agents, Managers and Ethicspp 63-66

March 18, 2013

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Sports & Entertainment MarketingMr. Bernstein

AgencyOne person is authorized to alter another’s legal

relationships

Authority is granted to Agent, who then contracts with customer or vendor, creating a binding contract on behalf of owner or corporation

Owner or corporate entity

Agent

Customer or Vendor

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Sports & Entertainment MarketingMr. Bernstein

Agents have Fiduciary DutyMust act in the principal’s best interestsDuty of loyalty and obedience – no secret profits

and must follow instructionsDuty of Reasonable CareDuty to CommunicateDuty of ConfidentialityDuty of Accountability

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Sports & Entertainment MarketingMr. Bernstein

Handlers and AdvisorsMany professional athletes hire handlers to insure expected

personal behavior. Neither the sponsor company nor the athlete can afford to damage their marketing reputation

Financial advisors are also often hired. The athletes typically do not have the time or experience to manage their own money.

19 Professional athletes that lost millions:http://www.businessinsider.com/how-20-professional-athletes-went-flat-broke-2012-10?op=1