The Vancouver Canucks have been awarded nearly $1 million after winning a lawsuit against camera equipment retailer Canon Inc., for breaching a sponsorship deal.
Here’s more, from the Vancouver Sun:
In its lawsuit, the NHL team argued that Canon backed out of a five-year sponsorship arrangement under which the hockey organization would buy its office equipment from Canon, and Canon would retain its preferred-supplier designation, along with advertising and other sponsorship benefits.
But the team said Canon terminated the negotiations before a formal sponsorship agreement could be signed. Negotiations started in the summer of 2008 for a deal worth more than $1.7 million over five years, based on a prior, similar agreement in place from 2003 to 2008, according to court documents filed in B.C. Supreme Court.
Canon did not dispute the breach of contract, which was evidenced by a series of emails in 2008, but argued the value of the deal was closer to $700,000.
The final total Canon ended up owing the Canucks was $826,987.
Oh, here’s something remotely interesting — in the lawsuit, the Canucks contend that, as part of this Canon incident, they lost advertising revenue opportunities on their “power ring” and “score clock halo.”
For those not in the know, these are your standard in-arena animated LED signs that flash various things throughout the game.
I never wondered how much advertising cost to get on there, but now I know: the power ring sells for $20,000 per minute, and the score clock halo at $15,000 per minute.