US college Arizona State has settled its long-running dispute with the IMG College agency over the multimedia rights contract that previously existed between the two parties.
In October 2014, ASU terminated its multimedia rights deal with IMG College and claimed more than $5m (€4.4m) in damages from the agency for failing to meet contractual obligations.
According the AZCentral.com website, the two parties have now struck a confidential agreement, under which ASU will withdraw the termination of the rights deal and replace it with a mutually accepted early termination effective June 30, 2014.
IMG College will retain all funds received from sponsors for the 2014-15 college season. ASU had been holding the funds during the dispute.
In addition, IMG College will pay ASU for inventory provided by the college to customers of the agency for the 2014-15 campaign.
IMG College had served as ASU’s rights holder for American football, men’s basketball, women’s basketball and baseball since 2009 and its contract was scheduled to run through 2021. The dispute dates back to at least October 2012.
ASU athletics has handled its multimedia rights internally and in a partnership with the Pac-12 conference since separating from IMG College in 2014.