Sports & Entertainment Marketing Mr. Bernstein Agents, Managers and Ethics pp March 18, 2013

Sports & Entertainment Marketing Mr. Bernstein 2 Agency One 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

Sports & Entertainment Marketing Mr. Bernstein Agents have Fiduciary Duty Must act in the principal’s best interests Duty of loyalty and obedience – no secret profits and must follow instructions Duty of Reasonable Care Duty to Communicate Duty of Confidentiality Duty of Accountability 3

Sports & Entertainment Marketing Mr. Bernstein Handlers and Advisors Many 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: athletes-went-flat-broke ?op=1 4