The athletics division of US college Syracuse University has elected to break its multimedia rights contract with the IMG agency in favour of seeking a more lucrative deal.
Based in the state of New York, Syracuse has partnered with IMG for the past 15 years with its current contract having been set to run through the 2020-21 season.
The Syracuse.com website said the university announced its decision to break with IMG in a letter to sponsors, adding that it believes its television and multimedia rights are undervalued in the current college sports marketplace.
“As a general rule, the market is dramatically different than it was five years ago,” Joe Giansante, the chief of communications for the Syracuse athletic department, said. “We've seen it in TV as well. The visibility increases the value. It's increased, and we expect it to continue increasing.”
In the letter to its sponsors, Syracuse said it would explore all options, include negotiating a new agreement with IMG, finding a new multimedia partner or taking the rights in-house.