Insight Had Two Years Left On Bowl Game Sponsorship When Deal Was Voided
Officials from Insight Enterprises and the Fiesta Bowl announced Friday that they were ending a 14-year title sponsorship deal for the Insight Bowl, but "neither party disclosed that Insight had two years left on a contract that paid millions of dollars to the financially struggling bowl game," according to Craig Harris of the ARIZONA REPUBLIC. Insight’s ’10 annual report filed with the SEC said that the company "owed the bowl" $5.9M through '13. Previous SEC filings indicated that the contract "was back-loaded, making it likely Insight owed roughly" $2M each for '12 and '13. The Fiesta Bowl is "seeking a new sponsor for the game, which lost money six times" from the '00-01 season to '09-10. Both sides said that Insight ending its sponsorship "had nothing to do with the Fiesta Bowl's financial and political scandal." Fiesta Bowl Exec Dir Robert Shelton yesterday said that his organization allowed Insight to "break its contract because the company had been such an outstanding business partner for so many years." Shelton added that the Fiesta Bowl "didn't demand an exit fee." Insight Senior VP/Product Marketing Brian Davis said that the company "wanted to reallocate its marketing dollars as it has moved from a regional company to a global business with roughly" $5B in revenue. He added that the company "will continue its sponsorship" of the D'Backs and NFL Cardinals (ARIZONA REPBULIC, 2/1).