Two companies put in final bids for a multimedia rights deal with the University of Kentucky, and the numbers tell the story of how JMI Sports beat out long-time contract holder IMG College.
The JMI Sports offer of $210 million over 15 years was more lucrative for UK than IMG’s proposal, which was for $246,250,000 over a 20-year period.
Part of JMI’s deal was a $29.4 million signing bonus paid over the first two years that UK officials will use to pay for several new on-campus facilities and upgrades.
IMG’s offer, released to the Herald-Leader Monday evening, included a $5 million signing bonus over the first four years of the deal. It also included a $5 million extension bonus to be paid in the 2025-26 calendar year.
Kentucky’s current deal with IMG was for $80.5 million over 10 years. It expires in April. Officials from IMG declined to comment on the news.