NFL Overview and Economics

Professor Salvatore Galatioto

The Business of Sports
February 20, 2012

NFL Economics

Overview of the NFL

The NFL is the premier professional sports league in the world
The NFLs pre-eminent position in sports, media and
entertainment is due to a number of factors

Unmatched fan interest levels

NFL consistently delivers highly sought after

demographics to its media partners

$8.3

$9.0

League Wide Revenues

7.8% C AG R
$6.0

$6.0

The overall organizational and financial strength of

the League, which promotes competitive balance
Leagues growing worldwide following

$7.1
$6.2

$6.5

$5.3

$4.9
$3.9

$7.6

$8.0

$4.3

$3.0

NFL has become the premier sports league financially

$8.3 billion in League revenues in 2010, having

grown from $3.9 billion in 2000 (7.8% CAGR)

$0.0
2000
2001
2002
___________________________
Source: Forbes.

US Sports Leagues National Television Ratings

2005

2006

2007

2008

2009

2010

40%
31%

40

30%

30
20

2004

Americas Favorite Spectator Sport

47.8

50

2003

20%
12.0

10

12%

10.2
3.0

10.0
1.8

0
N FL

NBA

17%

MLB

10%
1.0

7%

6%

Auto
R acing

NBA

3.4

0%

N HL

N FL

Reg u la r Sea s o n
Ch a mpio ns hip s
___________________________
Source: Multiple public sources including the Sports Business Daily.

MLB

___________________________
Source: Harris Interactive Poll, 2010.

College
Football

Overview of the NFL

As a result of the aforementioned positive characteristics, an NFL franchise is the most sought
after investment in the North American sports market

With a few exceptions, NFL clubs are the most valuable

sports teams in the world
Forbes valuations range from $725 million to $1.9 billion

Historically, ownership of an NFL franchise has proven to

be a safe and rewarding investment; aggregate franchise
values have grown at a 7.3% CAGR in the past decade
Investor demand for clubs is driven by numerous factors

Forbes Aggregate NFL Franchise Values

($ i n b i l l i o n s )

$40
7.3% CAGR

$35
$28.7

$30

$33.4

$32.7

$33.2

2008

2009

2010

2011

$26.2
$23.4

$25
$20.1

$20
$15

$33.3
$30.6

$14.5

$16.4

$10
$5
$0

Sustained profitability of the Leagues teams

2001

2002

2003

2004

2005

2006

2007

S eason

Generally more predictable (and potentially sizable) positive cash flow versus teams in other leagues
NFL investors are comfortable that the first check they write is their last
- Owners of teams in other leagues are often subject to capital calls following initial investments
Extremely strong and accomplished League management
Proven ability to monetize and unlock value (e.g., establishment of NFL Network)
Unparalleled demand for games as traditional and new media content
NFL contests have transformed from games to events
Football has arguably replaced baseball as the quintessential American sport
Historically strong relationship with players
Growth in NFL franchise values closely mirrored the explosive growth in media rights revenues and the
development and construction of high-amenity (revenue generating) stadiums
3

Overview of the NFL

There are a number of distinguishing characteristics of the NFL versus other major North
American professional sports leagues

League controls all regular season and playoff TV broadcast rights locally, regionally and nationally
Each of the Leagues 32 teams share equally in the most robust set of national broadcast contracts in
sports ($4.95 billion annually from 2014 through 2022) (1)

Highest television ratings of any sport

Unique revenue sharing policies foster competitive and financial balance among member clubs

Hard salary cap limits player payroll

Limited number of contracts with guaranteed salary

Virtually all contracts in the NBA, NHL and MLB are guaranteed
Most contracts in the NFL allow for a player to be released with only nominal severance (signing
bonuses are the only guaranteed money)

Strong governance and oversight from the Commissioners Office geared towards strategically increasing
the value of the League as a whole and operating in a fiscally responsible manner

Limited number of games played primarily on Sunday and Monday nights

Media ratings driven by the importance of each game and appointment television nature of the NFL
More affordable season ticket packages than other sports due to the low number of home games played

The Thanksgiving Day games, Playoffs and Super Bowl have become national and global media events
The majority of the top 20 highest rated TV programs in the U.S. have been Super Bowls

Largest major U.S. professional league with 32 active member clubs

___________________________
1. CBS, FOX and NBC recently renewed nine-year television deals through 2022; ESPNs Monday Night Football contract is eight years through 2021.

National Media Revenues

National media revenues have grown considerably over the last decade

National media revenues, shared equally by all clubs, include national broadcast, national satellite TV, NFL
Network, and national satellite and terrestrial radio revenues
Revenues shown in the chart are generally contractually obligated aside from those of the NFL Network
Teams retain the rights to local media revenues from radio broadcasts, most preseason game television
broadcasts and non-game local television (e.g., coaches shows)

NFL Ventures manages the NFLs digital/new media opportunities as well as satellite TV, international
television, the NFL Network and national radio
Also responsible for licensing and merchandising the NFL and its teams brands
Estimated National Media Revenues Per Team by Season
( $ i n mi l l i o ns )

$ 19 8 .4

$200
$150
$100

$ 8 2 .3

$ 9 0 .6

$ 9 3 .8

$ 9 6 .9

$ 10 0 .0

2002

2003

2004

2005

$ 12 9 .2

$ 12 9 .2

$ 12 9 .2 $ 12 9 .2

$ 12 9 .2

2006

2007

2008

2010

$ 13 8 .5

$ 14 0 .2 $ 14 0 .2

2011

2012

$ 6 4 .5

$50
$0
2000

2001

N a t io n a l T V B ro a d c a st

D ire c T V

2009

___________________________
Note: NFL Network assumed to maintain current contracted rights fees from 2012 through 2021. DirecTV assumed to maintain current contracted rights fees from 2014-2021.

2013

N FL N e t w o rk

20142021

National Broadcast Revenues

The NFL has the most lucrative national media contracts of the North American sports leagues
National Broadcast Revenues

The popularity of the NFL and a schedule with a limited

number of games resulted in a national audience and fueled
exceptional national broadcast rights fee growth over the
past several decades

Avg. Annual National Broadcast Revs per Club

National broadcast media packages have historically

been renewed at an average increase of 44%

Annual broadcast television revenue per club will average

$154.7 million during the life of the newly extended contracts

($ i n m i l l i o n s )

$180

$154.7

$140
$120

(1 )

$94.8

$100

(1 )

$96.4

$72.5

$80
$60
$32.3

$40
$20

$14.8

$38.3

$17.0

$0
1982-1986 1987-1989 1990-1993 1994-1997 1998-2005 2006-2011 2012-2013 2014-2021
Co n t ra ct Te rm

National Satellite Television Contracts

(1 )

44% A verage Increase

per C ontract

$160

NFL Sunday Ticket is distributed by DirecTV to in-home customers and commercial establishments on a
subscription basis

Provides subscribers access to all live telecasts of NFL regular season games on Sunday afternoons

The Sunday Ticket contract was extended in 2009 and covers the 2011-2014 playing seasons

Average gross annual rights fee of $1 billion for the 2011-14 seasons represents a 43% increase over the previous
contract

National Radio Contracts

7-year agreement with Sirius for regular season broadcast rights to all games during the 2004-10 seasons;
extended agreement in November 2010 through the 2015 season

Terrestrial radio agreement with Westwood One, Inc. and CBS for the 2005 through 2014 seasons

Teams are still allowed to broadcast their own games with their local radio affiliates

___________________________
1. Excludes value of NFL Network content, for which the League received third-party bids for a reported $400-500 million per annum.

NFL Ventures
New media ventures, including the NFL Network, may be a source of future growth
NFL Network

In 2004, the League established the NFL Network to provide year round programming to cable TV and satellite TV
operators on a subscriber fee basis

NFL Network has been one of the most successful launches of a TV channel

Network had more than 40 million subscribers by the time it broadcast its first NFL game (November 2006); as
of February 2012, the NFL Network had approximately 60 million subscribers

Beginning with the 2006 season, the NFL Network started carrying eight live NFL games as part of the Leagues
Thursday / Saturday primetime package

Bids from third parties for this package were reported to be in the $400-500 million per annum range

NFL Networks ability to carry live games (along with the NFLs satellite TV distribution) increases negotiating
leverage with third-party national broadcast and cable partners

Beginning in the 2012 season, the NFL Network will carry five additional games as part of its primetime package

Resolution of pending carriage disputes will help determine the long-term NFL business model

Other NFL Ventures

The NFL is capitalizing on the trend of traditional content finding its way into new media

More fans, including the crucial 18-34 male demographic, are interacting with the NFL through digital/new media

As a content provider, the NFL is developing a strategy within NFL Ventures to maximize new media revenue

NFL.com is the 4th most visited sports website (behind Yahoo! Sports, FoxSports and ESPN.com)

The NFL recently elected to centrally manage its internet operations given the strategic, financial and other
benefits the League believed it could achieve by operating both NFL.com and the NFL Network

Similar business models in other leagues (e.g., Major League Baseball Advanced Media) have proven to
generate considerable value for those leagues teams

NFL Ventures - Other Partnerships

In addition to domestic media partners, the NFL has a number of other partnerships that
generate material income
NFL Properties

NFL Properties is a league-level entity that is focused on (i) developing, licensing, and marketing the teams
intellectual property, such as their logos and trademarks and (ii) managing advertising campaigns and other
promotional ventures on behalf of the NFL and its member teams
Each of the 32 teams owns an equal stake in the entity
Accordingly, net revenues from league-wide sponsorships with major corporations as well as NFL
merchandise sales (unless sold directly on the teams website or in its team stores) are shared equally
by the member clubs

NFL International Media

While the NFLs domestic broadcast revenues dwarf those of the other major sports leagues, the Leagues
international media agreements are not believed to be a significant source of revenues

League Wide Gate Receipts

The steady increase in ticket prices drives the Leagues consistent growth in gate receipts
League-wide attendance in 2011 was 17.3 million, a slight increase over 2010 levels

2011 attendance remained near all-time highs, despite the challenging economic environment and
resulted in teams playing in stadiums filled to approximately 95.1% of capacity
Given the popularity of the League, its teams have played to an average of 96.1% of capacity over the past
10 seasons

As a result, the League has been somewhat constrained in attendance growth other than through
franchise expansion or the construction of new stadiums
NFL Historical Total Attendance (1) (2)
(in m illio ns )

H o u s to n
Expansion

20.0

16.1

NFL Historical Average Ticket Price (3)

16.4

16.3

17.0

17.0

17.3

17.3

17.6

17.5

17.3

17.1

17.3

98.3% 98.2%

16.0
95.9% 96.0%
94.3%
93.5%

95.5%

94.8% 94.9%

94.7%

95.1%

CA G R = 5.0%

$72.20

$74.99

$76.47

$77.34

2009

2010

2011

$66.94

$70
$62.38

97%

97.3%

12.0

$80

100%
17.6

$58.95

$60
$50

94%

93.7%

$47.49

$50.02

$52.95

$54.65

$40

8.0

91%

4.0

88%

$30
$20
$10

0.0

85%
1999

2000

2001

2002

2003

2004

A tte nd a nc e

2005

2006

2007

2008

2009

2010

$0

2011

2001

% Ca p a c ity

2002

2003

2004

2005

2006
Season

___________________________
1. Source: Sports Business Daily.
2. Attendance generally does not include games which were not played at a NFL teams home stadium.
3. Source: Team Marketing Reports. Figures prior to 2001 included premium component of premium seating and therefore data is not comparable and was not included

2007

2008

Collective Bargaining Agreement

Heading into the recent CBA negotiations, there were a few critical items that need to be
bridged for the League and the NFLPA to reach agreement on a new CBA

The prior CBA was originally signed in 1993 and extended on March 8, 2006

Agreement was originally set to expire after the 2012 season, subject to affirmative votes by both the owners
and the NFLPA during the term of the agreement; in 2008, NFL Owners voted not to extend the CBA beyond the
2010 season due to the continued development of a number of issues that needed to be bridged:
NFL Position

NFLPA Position

Economic: Costs of building new stadiums and investing in footballrelated businesses are outstripping revenue growth and therefore need
to be factored into the calculation of the percentage share allocated to
players
18-Game Season: View the conversion of two preseason games from
preseason to regular season games as a way to grow revenues and
resolve the core economic issue. Contend research suggests limited
increased injury risk would result from the additional games
Rookie Wage Scale: Believe the escalation in contractual amounts
being paid to unproven rookies necessitates a slotted system that
would pre-determine the salary range for a rookie based on their draft
position
Player Fines: Would like to maintain the current system that gives the
Commissioner great discretion and authority to enforce fines for on and
off-field behavior
Federal Oversight: Believe federal oversight is no longer necessary and
that the parties can and should settle disputes without federal judicial
intervention
Revenue Sharing: Players required a supplemental revenue sharing
program under the prior CBA to ensure low revenue teams could
continue to afford player salaries, but formulating a plan has served as
a point of contention between owners and something low revenue team
owners may demand going forward (regardless of the players position)

10

Economic: Players witnessing revenue growth and believe they are

entitled to a share of that growth, but have little to no insight into
expenses and whether they are, in fact, outstripping revenues
18-Game Season: Believe two additional regular season games will
only increase injuries and concussions, which are already a point of
significant concern during a 16-game season
Rookie Wage Scale: Not opposed to the concept of a rookie wage
scale, but are proposing that maximum rookie contracts be limited to
three years as opposed to the five years owners are seeking
Player Fines: View the Commissioners current powers with respect to
fining players as being too great
Federal Oversight: Would like to maintain current construct believing
that federal oversight has proven to be effective in settling disputes that
otherwise would not have been settled
Revenue Sharing: Players have been less focused on supplemental
revenue sharing program as a component of the new CBA and instead
focused on the players share of revenues, with the understanding that
the players primary objective is that all teams can afford the share of
revenues to be paid to players

Collective Bargaining Agreement

The new CBA was ratified in July 2011 and established the economic model for the next decade

The new CBA is a 10-year agreement, and one that generally is viewed as a win by the owners

It contains the standard no-strike and no-lockout clauses that ensure labor peace through the term of the
agreement

Unlike the prior CBA, there is no early termination option by either party

The CBA maintained many of the key features from the prior CBA

Maintained a Salary Cap System that established a maximum and minimum amount that can be paid to players as
salaries and benefits by indexing team salaries to a percentage of League gross revenues

Cap has been reduced to 47%-48.5% of Total Revenues versus 57%-58% of League Revenues under the prior
CBA

However, the calculation of revenues was revised to exclude many of the credits that had previously been used
to calculate revenues under the prior model
-

New definition only allows a 1.5% revenue credit for the construction of a new stadium

Net effect is that on an apples-to-apples basis - player costs were reduced from approximately 51% of Total
Revenues to the 47%-48.5% range, or a 3-4% reduction

With approximately $9 billion of League-wide revenues expected in 2011, this equates to approximately $285$380 million of savings across the League, or $9-$12 million of reduced player costs per team in the first year
of the agreement

Maintained existing revenue sharing mechanisms (including sharing of national media revenues and 34% visiting
team share and sharing of club seat premiums), but reduced the reliance upon the SRS program

No SRS program for 2011 as the program had not been funded in advance of the 2011 season

Going forward, large market owners SRS contributions are capped at $3.5 million per team per annum

Mechanisms were introduced to wean teams off of the SRS system over time

11

Collective Bargaining Agreement

Summary of resolution on key issues heading into the CBA negotiations
Economic

NFL: Costs of investing in football-related businesses are outstripping revenue growth

and need to be factored into the players percentage share calculation

NFLPA: Players are entitled to a share of that growth

Players share reduced from ~51% to 47%48.5%, with the only credit being 1.5% of
revenues from new stadiums

18-Game Season

NFL: Conversion of two preseason games from preseason to regular season games as
a way to grow revenues and resolve the core economic issue

NFLPA: Two additional regular season games will increase injuries and concussions

Maintained the 16 regular season + 4

preseason game schedule. Can be revisited
in 2013, but subject to NFLPA approval

Rookie Wage Scale

NFL: Escalation in contractual amounts being paid to unproven rookies necessitates a

slotted system based on rookies draft position

NFLPA: Not opposed to the concept of a rookie wage scale, but propose that
maximum rookie contracts be limited to three years (as opposed to five)

Significantly reduced pool per draft class

(2011: $874mm total compensation; $159mm
first year compensation). Four year contract
length (round 1 picks: 5th year team option)

Player Fines

NFL: Current system that gives the Commissioner great discretion and authority to
enforce fines for on and off-field behavior

NFLPA: Commissioners current powers are too great

With some modifications to on-field control,

Commissioner Goodell retained his power
over the personal conduct policy

Federal Oversight

NFL: Believe federal oversight is no longer necessary

NFLPA: Would like to maintain current construct with federal oversight

Ended federal judicial oversight of labor

matters. Disputes now heard by arbitrators

Revenue Sharing

NFL: Players required a SRS program under the prior CBA to ensure low revenue
teams could continue to afford player salaries

NFLPA: Players less focused on SRS program as a component of the new CBA and
instead focused on the players share of revenues

12

Players remained focused on percentage

share of revenues. Owners implemented a
new, revised SRS program

Collective Bargaining Agreement Player Costs

Historically, player costs have tracked closely to the teams share of national revenues

The CBA establishes a maximum and minimum amount that can be paid to players by indexing team
salaries to a percentage of all revenues
Cap set at approximately 47%-48.5% of all revenues during newly signed CBA
Generally, players will receive 55% of National Media Revenue, 45% of NFL Ventures Revenue, 40%
of Local Revenue, 50% of new line of business revenue
- An annual true-up will occur to reflect variances in actual revenue versus projections
The new CBA bases the Salary Cap on all revenues, while the previous CBA counted only those
revenues defined as League Revenues (with expense credits)
For 2011, League committed to cash spend of 99% of Salary Cap
For 2013-2020, League committed to cash spend of 95% of Salary Cap; each team committed to a
cash spend of at least 89% of Salary Cap
For the 2011 season, the Salary Cap was $120.4 million ($142.4 million including benefits)

The margin between shared national revenues and total player costs narrowed significantly in 2006
Reflected increased player costs under the previous CBA as well as a year-on-year decline in the
national broadcast revenues upon the contract renewals because of the upward sloping of national
broadcast contract bundles

Regardless, the largest single expense (player compensation) is still largely covered by each teams share
of League-shared revenues alone (i.e., before any local revenues are generated)
Newly signed national media agreements with FOX, CBS, NBC and ESPN will ensure player costs
continue to be covered by League-shared revenues

13

Collective Bargaining Agreement Revenue Sharing

League shared revenues come from three distinct sources
1 League-generated shared revenues

Each team receives an equal share of League-level nationally shared revenues

Many attribute the success of the NFL and its competitive balance to the Leagues long-standing policy
(since the early 1960s) of sharing its national television broadcast revenues

League-generated revenues currently include third party national television and radio contracts, NFL
Network, licensing/sponsorship and new media opportunities

2 Visiting Team Share

Pooling and equal redistribution of 34% of each teams non-premium gate receipts

Plan was modified in 2001 to its current form whereby the visiting team share of gate receipts for all leaguewide preseason and regular-season games are divided equally between the teams
Previously, the visiting team would receive 34% of gate receipts for the actual away games it played

Reduces the economic disparities between the large and small market teams

3 Supplemental Revenue Sharing (SRS)

The Leagues newest form of revenue sharing, which was introduced primarily as a result of the growing
disparity between teams local revenues

While an SRS program existed previously, SRS provisions under the prior CBA were enhanced and
enlarged with the stated goal of ensuring a teams player payroll costs did not exceed 65% of revenue

Going forward, under the newly signed CBA, large market owners SRS contributions are capped at $3.5
million per team per annum and mechanisms were introduced to wean teams off of the SRS system over
time

14

Team/Local Market Economics

15

Ticket Sales General Admission

For 2011, the average NFL team had $41.7 million of local general admission regular season ticket sales
Since most teams sell-out their stadium, the true drivers of gate receipts are stadium capacity and
pricing power
Largest market teams lead the league in GA receipts regardless of the age of their stadium
As new stadiums in major markets came online (both New York City teams in 2010), those teams saw a
significant jump in GA receipts (also evidenced by Dallas in 2009) and the overall discrepancy widened
Some of the benefit from the additional GA ticket revenues generated by these teams will be
transferred to the other teams due to VTS; however, that benefit will also be offset by increased player
costs

NFL Average Team GA Gate Receipts (1)

($ in millio n s)

$80
$70
$60
$50
$40
$30
$20
$10
$0
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___________________________
1. Figures represent the product of the average public ticket price and public total attendance data and represent regular season gate receipts only.

Ticket Sales Luxury Suites

Luxury Suites are typically the highest quality and price point premium seating offered
Typically an exclusive area with the best views and accompanying high end amenities
Contracts are generally sold on a multi-year basis providing long-term contractually obligated income

For the 2010 season, the average NFL team in a new stadium had approximately $24 million of luxury suite
revenues, while the average NFL team in an old stadium had approximately $13 million of luxury suite
revenues (figure includes GA component of tickets)

Luxury suite premiums are not currently shared across the League
As a result, newer stadium configurations have focused on the maximization of luxury suite revenues
NFL Luxury Suite Revenues (1)

($ in millio n s)

O ld S tadium s (pre 1990)

N ew S tadium s (po s t 1990)

$120
$100
$80
$60
$40
$20
$0

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___________________________
1. Figures represent the product of the average public suite price (midpoint of suite price range) and the number of available suites.

Ticket Sales Club Seats

Club seats can vary greatly depending upon the stadium and the market

Effectively serve as seating with added benefits such as access to a private club, seat cushions or
simply extra room
Currently two teams are without club seats (49ers and Vikings), both of which are looking to move into
new stadiums
34% of Club Seat premiums are typically contributed towards the Leagues SRS program

However, teams building new stadiums are permitted to use these contributions for the 15 years
following the opening of the stadium in order to help finance the stadium construction
NFL Club Seat Revenues (1)
($ in millio n s)

O ld S tadium s (pre 1990)

N ew S tadium s (po s t 1990)

$60
$50
$40
$30
$20
$10
$0

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___________________________
1. Figures represent the product of the average public club seat ticket price and the number of available club seats.

Other Local Revenues

Other sources of local revenues retained by the teams include the right to local broadcasting
(excluding game content), sponsorships, concessions & merchandise, and parking
Local Broadcasting

The League, as part of the national media agreements, retains the right to broadcast all regular season
game broadcasts

However, teams retain the right to produce all additional local television and radio show content for their
local (and any affiliated) markets
Content typically includes shoulder programming and ratings are generally strong due in large part to
these programs ability to piggy back off the game itself

Local Sponsorships

Teams retain the right to sell all their local sponsorship and advertising inventory in agreements with
national and local corporations, businesses and other entities

Concessions & Merchandise

Per cap concession sales continue to grow as teams provide a greater variety of premium amenities, in
particular as teams build new stadiums and increase their number of luxury suites and club seats

One unique distinction with NFL teams is that they retain merchandise revenues sold through their team
websites (but not through NFL.com)
All other merchandise, aside from items sold at a team store, is shared equally by the member clubs

Parking Revenues

Teams retain the rights to all parking revenues

19

Other Local Revenues Naming Rights

NFL stadiums typically command the highest naming rights deals of the major sports leagues

National exposure and unmatched television ratings for the NFL drive the high levels achieved for football
naming rights revenues, even in some of the smaller NFL markets

For recent stadium naming rights transactions, the average agreement is 19 years in length and has a total
value of $205.0 million, which corresponds to an average annual rights fee of $10.9 million
Potential naming rights partners are likely to pay a premium for stadiums in larger markets and/or with
the potential to host future Super Bowls

In addition, a market has developed for founding sponsorships of premier franchises

Founding sponsorships are seven-digit sponsorships typically providing sponsors with exclusive
advertising rights for a certain area of the stadium
Select Recent NFL Naming Rights Agreements (1)

($ in millions)

Team

Fac ility

Future Los Angeles Team

NY Giants / NY Jets
Arizona Cardinals
Carolina Panthers
Philadelphia Eagles
Indianapolis Colts
Denver Broncos
New Orleans Saints
Seattle Seahawks

Farmers Field
MetLife Stadium
University of Phoenix Stadium
Bank of America Stadium
Lincoln Financial Field
Lucas Oil Stadium
Sports Authority Field at Mile High
Mercedes-Benz Superdome
Qwest Field / CenturyLink Field

Average Contract

Total
Contrac t
Value

Number
of Years

$600.0
500.0
154.0
140.0
139.6
121.5
60.0
55.0
75.0

30 yrs
25 yrs
20 yrs
20 yrs
20 yrs
20 yrs
10 yrs
10 yrs
15 yrs

$205.0

19 yrs

Agreement Tenor
Expiration
Year
na
2036
2025
2024
2022
2028
2021
2020
2019

Firs t Year of
Agreem ent
na
2011
2006
2005
2003
2009
2011
2011
2005

___________________________
1. Figures represent public values of total sponsorship package with naming rights partner (i.e., includes any additional sponsorships within the stadium or its surrounding areas).

20

Average
Annual Value
$20.0
20.0
7.7
7.0
7.0
6.1
6.0
5.5
5.0
$10.9