Breeden Legal

Fan Force United To Run Jean Alesi In 2012 Indy 500

Matt Breeden — Wed, 09 May 2012 01:40:27 +0000

We are very pleased to announce that Breeden Legal has assisted another of its clients in negotiating an agreement to race in the 2012 Indy 500. Today, Indy Lights team Fan Force United officially released that it is making the jump to IndyCar for the the 2012 Indy 500 with veteran Formula One driver Jean Alesi behind the wheel and engines supplied by Lotus. More details can be found here and on the Fan Force United Facebook page.

Congratulations to the team. We wish them the best of the luck in the Indy 500, and their two entries in the Indy Lights Freedom 100 with Armaan Ebrahim and Emerson Newton-John.

Conquest Racing and Andretti Autosport Partner For 2012 Indy 500

Matt Breeden — Fri, 06 Apr 2012 13:38:16 +0000

I’m very pleased to announce that Conquest Racing, a Breeden Legal client, has come to an agreement with Andretti Autosport for Ana Beatriz to drive a Conquest / Andretti co-entry in the 2012 Indianapolis 500. Check out the press release here.

In addition to being a veteran IndyCar team, Conquest has diversified into sports car racing for 2012, campaigning a Morgan P2 prototype in the 2012 American LeMans Series. For more information on Conquest’s American LeMans program click here.

Katherine Legge To Drive TrueCar Entry For Dragon Racing In IndyCar Series

Matt Breeden — Mon, 16 Jan 2012 16:06:19 +0000

Well, this one has been a long time in the making. I am so happy that it has all come together and it can be confirmed that Katherine Legge will be racing full time with Dragon Racing in the 2012 IndyCar Series with sponsorship from TrueCar and engines from Lotus. It’s no secret that Katherine and GRand Solutions, both of which are Breeden Legal clients, have been working to put together an IndyCar program for over a year. Their hard work has paid off! I look forward to watching Katherine and her new teammate, Sebastien Bourdais, as they take on the very best IndyCar has to offer.

You can read more about Katherine and her 2012 plans on the GRand Solutions website, as well as Katherine’s blog at IndianapolisMotorSpeedway.com.

Jags Fire General Counsel Over Scrivener’s Error?

Matt Breeden — Mon, 16 Jan 2012 13:25:03 +0000

You may have seen this article on ESPN.com last week. Essentially the article states that the General Counsel for the Jacksonville Jaguars was fired for a contract drafting error that creates potential liabilities of around $4 million for the team. The language in question relates to seven contracts with assistant coaches and states the their contracts “shall terminate on the later of January 31, 2012 or the day after the Jaguars’ last football game of the 2012 season and playoffs …” Apparently instead of the last game of 2012 season, it was supposed to say last game of the 2011 season. Makes sense, right? If it was supposed to terminate after the last game of the 2012 season why would they even include the January 31, 2012 language? The last game of the 2012 season would necessarily be after January 31, 2012, as the 2012 season doesn’t start until the fall.

When interpreting contracts the court will generally make an inference that all contractual terms were included for a specific reason and they will read the contract as a whole. E.g. they will assume that the January 31, 2012 date was meaningful. When the clause is read in this light, it would seem apparent that a drafting error had been made. Otherwise, the January 31, 2012 clause would have no meaning or effect on the contract.

Accidental drafting errors of this type are known in legal parlance as scrivener’s errors, and they are one of the few times when a court is permitted to rewrite the terms of a contract. As stated in § 70:93 of Williston on Contracts, which is a legal treatise on contract law:

In contract law, a scrivener’s error, like a mutual mistake, occurs when the intention of the parties is identical at the time of the transaction but the written agreement does not express that intention because of that error; this permits a court acting in equity to reform an agreement.

In light of the scrivener’s error doctrine, it is quite possible that if these coaches were to pursue this matter through the courts, the courts would reform the agreement and change the “2012 season” language to “2011 season”, so as to give effect to the January 31, 2012 provision and correct the scrivener’s error. Thus saving the Jags a fair chunk of change.

The foregoing is not intended to marginalize or condone contract drafting errors. Such errors are not acceptable and diligent drafting should always be undertaken so as to avoid them. This article is merely a counterpoint and offers some additional insight on the matter along with a potential legal argument that may be brought forward by the Jaguars to minimize their damages.

Matt Breeden is an internationally respected business advisor and attorney at Breeden Legal and is based in Indianapolis, IN. He represents Sports & Entertainment properties, as well as many other entrepreneurial businesses, in a variety of matters, including: Athlete/Driver Contracts, Business Formation, Corporate Governance, Mergers & Acquisitions, Broadcast & Digital Media Agreements, Licensing Agreements, Sponsorship Agreements, Commercial Agreements, Private Placements, Insurance & Risk Management, Creditors Rights, Employment Agreements and Litigation Management. He can be reached at Matt@BreedenLegal.com

Brian Herta Autosport Forms Joint Venture With Bowen And Bowers Motorsports; Announces Barracuda As Primary IndyCar Sponsor

Matt Breeden — Fri, 13 Jan 2012 16:25:22 +0000

More exciting news for Breeden Legal clients in IndyCar. Last week, Bowen and Bowers Motorsports announced that it had formed a joint venture with Brian Herta Autosport to handle all commercial facets of the team’s IndyCar business, and that the team would be operated under the Brian Herta Autosport brand. Breeden Legal is proud to have represented Bowen and Bowers Motorsports in this transaction and on a general counsel basis.

Following on the joint venture announcement, the team announced today that Barracuda Networks has been named the team’s primary sponsor for Alex Tagliani’s entry in the 2012 IndyCar Series.

Breeden Legal looks forward to more client announcements in the coming days.

Ebrahim Inks Deal With Fan Force United In Firestone Indy Lights

Matt Breeden — Wed, 04 Jan 2012 13:25:04 +0000

Breeden Legal is proud to serve as counsel to Fan Force United, an Indy Lights team headed by Tyce Carlson, Chris Williams and Scott Williamson. Yesterday the team announced that up and coming Indian driver Armaan Ebrahim will be campaigning one of the team’s entries in the 2012 Firestone Indy Lights Series. Read about it on IndyCar.com.

Ostella Joins Team Moore in Firestone Indy Lights

Matt Breeden — Mon, 02 Jan 2012 16:21:52 +0000

In the first of many exciting Breeden Legal announcements for 2012, our client David Ostella has reached an agreement to race for Team Moore in the Firestone Indy Lights Series for 2012. The full press release can be found HERE, courtesy of GRand Solutions.

We’re On The Move

Matt Breeden — Thu, 22 Dec 2011 00:00:55 +0000

Happy Holidays to you and yours during this festive season! This past year has been one of growth and development for Breeden Legal. In addition to adding several new clients and expanding our relationship with many others, you’ll notice our new logo and redesigned website. The culmination of our year will be a move on December 28th to the recently redeveloped Main Street in Speedway, IN. The new location is across the street from the Dallara IndyCar facility, a stones throw from the Indianapolis Motor Speedway and in close proximity to downtown Indianapolis. This will put us in a prime location to better assist our motorsports and corporate clients alike. I look forward to you stopping by. Please update your records with the address below.

Sincerely,
Matt Breeden

Breeden Legal, PC

1140 Main Street
Speedway, IN 46224

A Dollar Now Or Fifty Cents Now And Fifty Cents Later?

Matt Breeden — Fri, 05 Aug 2011 20:11:12 +0000

As the title suggests, would you rather be paid a dollar right now or fifty cents now and fifty cents later? Seems pretty straight forward doesn’t it? Of course you’re going to take the dollar now. It’s the same amount of money and you get it all now.

Interestingly enough, according to this article in USA Today several NBA players have structured their contracts such that they were paid only half of their 2010-2011 salary during the 2010-2011 season and the second half will be paid during 2011-2012. According to their agents, their deals were structured as such so they would continue to receive a paycheck even if there is a lengthy lockout (which, unfortunately, seems like it will be the case).

I get it. The agents have seen enough guys spend their paychecks as fast as they come in and they want their guys to have some cash if there is a lockout. However, this still seems like a poor solution. Not only does it prevent the player from possibly earning some interest on the money that he has already earned, but, more importantly, it reinforces poor financial habits and does nothing to prepare the athlete for future financial success.

While an agent’s primary job is to maximize an athlete’s earning capacity during his playing career, I would argue that it should also be to counsel athletes on strategies for living their life during their sports career. Instead of expecting clients to blow through their cash and structuring deals to pay them over longer terms, why not take a more pro-active approach and, along with an appropriately experienced team that includes an attorney and financial planner, implement financial, managerial and life skill related plans and techniques which accomplish the short-term and long-term wants and needs of their clients? The cost of implementing these plans and creating accountability for the athlete is relatively low and a much better use of resources than creatively structuring salary to fit present cash flow needs.

Agree, disagree, or think my writing stinks? Let me hear about it.

Matt Breeden (SportsLawGuru.com) is an internationally respected business advisor and attorney at Breeden Legal and is based in Indianapolis, IN. He represents Sports & Entertainment properties, as well as many other entrepreneurial businesses, in a variety of matters, including: Athlete/Driver Contracts, Business Formation, Corporate Governance, Mergers & Acquisitions, Broadcast & Digital Media Agreements, Licensing Agreements, Sponsorship Agreements, Commercial Agreements, Private Placements, Insurance & Risk Management, Creditors Rights, Employment Agreements and Litigation Management. He can be reached at Matt@BreedenLegal.com

GRand Solutions Announces Texas Motor Speedway Android App

Matt Breeden — Thu, 09 Jun 2011 16:08:47 +0000

Breeden Legal client GRand Solutions today announced the release of an Android App for Texas Motor Speedway fans. Breeden Legal is proud to represent GRand Solutions and this App release is further evidence of GRand’s dynamic solutions for its clients. Read more about it here.