The University of Illinois announced a deal with Busey Bank in July, capitalizing on the NCAA’s new jersey patch rule—but the agreement extends far beyond the patches.
The jersey patch deal isn’t governed by its own contract. Instead, it’s a component of an overall sponsorship agreement between the parties worth $30 million in total, according to a copy of the contract obtained by Front Office Sports.
The 23-page agreement sheds light into how schools may be structuring their deals, especially those procured through multimedia rightsholder Learfield—and displays a level of transparency other schools have avoided.
Multiple universities have denied FOS requests for contracts governing jersey patch deals, claiming the schools are not parties on the contracts, which are brokered between Learfield, their MMR partner, and the sponsor. But Illinois’s agreement shows three parties: the university, Learfield, and Busey Bank.
The overall five-year sponsorship agreement began on July 1 and runs until June 30, 2031, per the deal. Busey Bank will pay Illinois $5 million annually, as well as a one-time $5 million signing bonus.
