USF Athletics announced a 10-year multimedia partnership with Tampa Bay Entertainment Properties today, guaranteeing the Bulls at least $29 million in revenue through the end of the term. Tampa Bay Entertainment Properties is a new venture controlled by Jeff Vinik, owner of both the Tampa Bay Lightning and Strategic Property Partners, creators of the re-development of Downtown Tampa.
The deal begins July 1st, and includes “exclusive rights to all commercial multimedia sports marketing, sponsorship, and respective inventory possessed by USF Athletics.” After an annual guarantee is met, USF will also receive 80% of all net revenue between $200,000 and $1 million, and 50% of all revenue beyond $1 million.