Cardinals WR Marvin Harrison Jr. Was To Earn $1.05M In Fanatics Deal

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Arizona Cardinals WR Marvin Harrison Jr Was To Earn $1.05M In Fanatics Deal

Arizona Cardinals rookie wide receiver Marvin Harrison Jr. was set to earn $1.05 million between April 1, 2024, and March 31, 2026, from Fanatics in exchange for game jerseys and more than 35,000 autographs, according to the term sheet between the two parties that is the subject of the lawsuit that Fanatics filed in May.

Fanatics filed its lawsuit against Arizona Cardinals receiver Marvin Harrison Jr. on May 18 for breach of contract

Per ESPN’s Josh Weinfuss, details of the term sheet have now been made public for the first time via the New York State Supreme Court, where the 17-page lawsuit was filed. The financials of the term sheet were redacted in the initial filing of the lawsuit.

Fanatics filed a lawsuit against Harrison on May 18 for breach of contract. In the lawsuit, Fanatics said the NFL receiver has refused to fulfill his obligations to the deal.

The receiver also “publicly asserted” that the contract does not exist. The company reached a multi-year agreement with Harrison in 2023 while he was in college at Ohio State.

Moreover, Fanatics paid Marvin Harrison Jr. in August and October 2023. The business reached out to him when he did not fulfill his contractual obligations.

Fanatics said the receiver ignored or rejected the company’s attempts to cooperate. As a result, Fanatics requested a jury trial.

The contract was named and described as “binding term sheet” throughout the complaint. In the document, it reads: “each party acknowledges and agrees that (i) it shall be legally bound by the terms and conditions of this Term Sheet.”

Nonetheless, the term sheet states that “promptly” after signing the term sheet, the two sides would “work together in good faith to negotiate an agreement to combine, amend and restate” the deal.

The term sheet was broken down into Phase 1 and Phase 2

In late June, Fanatics’ attorneys asked the court to seal the binding term sheet. This included “certain redacted portions” of the lawsuit that “references its provisions.”

Fanatics attorneys explained in their request that the term sheet contains “sensitive, non-public commercial information related to Plaintiff and Defendants, including the specific terms of their confidential contractual arrangement, the publicization of which could negatively impact their businesses.”

On July 9, Harrison’s attorney filed a motion that said Harrison did not object to the term sheet being sealed. Though, the receiver also did “not consent to their being a binding contract.”

The term sheet was signed by Harrison on May 16, 2023. Fanatics general counsel Shiri Ben-Yishai signed it two days later as well. The document is divided into two phases.

The first is Phase 1, which is from the day of the signing to March 31, 2024. This was before Harrison was drafted by the Cardinals. Phase 2 is from April 1, 2024, to March 31, 2026.

The term sheet states that it will “include exclusive, worldwide trading card (physical and digital), and trading card autograph right.” Harrison was required to produce a minimum of 35,000 autographs with a Fanatics option for 15,000 more.

Phase 2 required Harrison to make social media posts, perform other tasks as a Cardinals receiver

During Phase 1, Harrison was required to follow 10 fans on social media, post one short-form promotional video, and make one public appearance.

Then during Phase 2, Harrison would be required to make five social media posts, follow 10 fans, and post one short-form promotional video on social media.

Other requirements include one “media capture day” for still photos and video and two public appearances. Not to mention, one 60-minute fan experience, one Fanatics Live virtual appearance, and five trading card swaps.

Additionally, Harrison would also be required to attend private signings and participate in fan meet and greets at each private signing. He was required to wear and provide Fanatics with 30 jerseys as well. According to the term sheet, the jerseys would have been provided by Fanatics in the 2024, 2025, and 2026 seasons.

Harrison was guaranteed $1.05 million during Phase 2, per Weinfuss. It should be noted that the second phase was broken into an $800,000 cash lump sum and $250,000 in Fanatics shares.

Harrison is still eligible to receive three more bonuses

Harrison’s autograph fees during Phase 2 of the term sheet were to be $30 per autograph and $10 per inscription. The term sheet gives him permission to sign up to 100 autographs for fans, teammates, and charitable organizations. It’s permitted as long as he doesn’t get paid for them.

Had Harrison been the first-overall pick in April’s NFL draft, he would’ve received a $100,000 bonus from Fanatics, according to the term sheet.

Furthermore, Harrison can still potentially receive three more bonuses: $100,000 for being named the Offensive Rookie of the Year, $100,000 for being named NFL MVP, $100,000 for winning the Super Bowl as a starter or $200,000 for being the Super Bowl MVP.

According to the term sheet, if Marvin Harrison Jr. is traded by the Cardinals, his guarantee could be reduced. His term sheet would also be terminated if he is charged with a felony or a crime.

This means “any illegal, egregious or other offensive act” that Fanatics deems damageable to the company’s reputation.