Techster
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I read through both FSUs complaint and the GOR contract in entirety. I think this argument is conflating a few different things.
One, the media contract extending past 2027 to 2036 was in the original 2016 agreement. The agreement contains plenty of consideration in the form of media payments due. The only thing that isn't guaranteed after 2027 is minimum payments from the ACC Network if the network doesn't make enough money (or if ESPN decides to shut it down.) This is one of FSU's big complaints: there's no guaranteed payment minimum to the ACC after 2027. Just the share of the earnings from ACCN. So, ESPN could close down the ACCN and only have to pay for what games they air on their networks. But again, this was the agreement FSU signed. And it's not that there's no payments (consideration) after 2027. I see no reason this would be invalidated.
The extension to extend the GOR was a totally separate contract between the ACC and the schools. Which FSU agreed to. Has nothing to do with the ESPN agreement directly. And the consideration is the payments from the ACC to the schools which are the amount the ACC makes from selling the media rights and which will continue to 2036.
The amendment to the media contract which FSU is objecting to, and which didn't include 'additional consideration' was the agreement to move out the date ESPN had to commit to payments for 2027-2036 from 2021 to 2025. It's not the agreement to extend the contract. Only the date that ESPN has to tell the ACC that they are going to continue. The court could hold that that amendment was invalid, because there was no additional consideration given. However, it's not clear that that is the case. If the amendment has so much as a proforma '$1 and other goods' clause then it should be fine. And, again, the underlying contract has plenty of consideration. Even if the court holds that the amendment required additional consideration and didn't have any, what's the value of the extension? It doesn't cost the ACC or ESPN (or FSU) any money. The commitment date is still well before the date those payments will happen. Even if not, and the amendment is invalid because it didn't have additional consideration, it likely wouldn't invalidate the underlying contract. The court would just tell the ACC that later date is invalid and they have to demand ESPN commit to the option or not. (or re-sign the agreement with additional consideration). The GOR and media deal to 2036 would stand.
Good follow up. I haven't read the entirety of either documents (nor do I care unless it gives GT an advantage), but if what you're saying is accurate of the GOR and media contract with ESPN, then it sounds like FSU is throwing a hail mary.
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