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New York Jets Urge Court To Appoint Receiver For Fubo Gaming Sponsorship Fee

The defunct sportsbook is in default for a $1 million-plus sponsorship fee, the team claims

Matt Rybaltowski by Matt Rybaltowski
November 9, 2022
in Industry, Legal
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Jamie Germano/USA TODAY

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The New York Jets have asked a Delaware Chancery Court to appoint a receiver for Fubo Gaming Inc. in regard to the collection of a seven-figure sponsorship fee that is allegedly overdue by more than a month.

The Jets announced a multi-year sponsorship agreement with now-shuttered Fubo Sportsbook in September 2021, several days before the team’s regular-season opener. The agreement marked Fubo Sportsbook’s first sponsorship of a professional sports team.

Under the deal, Fubo Gaming agreed to pay $12.4 million in sponsorship fees over the five-year term of the agreement, according to Foley & Lardner LLP, a Manhattan law firm that represents the NFL franchise. Fubo Gaming has failed to pay a $1.18 million installment fee due on Oct. 1, 2022, the firm wrote in a default letter obtained by Sports Handle.

Fubo Gaming, a division of FuboTV, ceased mobile sports betting operations on Oct. 17, citing a challenging macroeconomic environment and an inability to achieve long-term profitability goals.

Fubo Sportsbook out.

(via @AlTruda73)https://t.co/B1pyzfZ4Rg

— Sports Handle (@sports_handle) October 17, 2022

β€œThe Jets intend to take all actions necessary to recover the damages suffered as a result of Fubo’s defaults and bad faith,” the firm wrote in the letter.

Financial due diligence

FuboTV initiated a strategic review in August with the aim of partnering with a third-party sportsbook. While multiple companies expressed interesting in acquiring the sports betting division, none of the offers for Fubo’s sports betting assets would have generated β€œsufficient returns to shareholders,” Fubo announced last month.

The Jets, according to the default letter, are willing to discuss a β€œmutually agreeable resolution” of the matter that includes payment of amounts owed under the agreement. Nevertheless, attorneys for the franchise have asked Fubo to provide the requisite financial information to assess the company’s ability to repay the amounts due, including Fubo Gaming’s balance sheet as of Oct. 28.

Jets Fubo Default Letter

 

The lawsuit has yet to be processed by the Court, an industry source told Sports Handle.

β€œWe believe this petition is without merit and intend to vigorouslyΒ defend our position,” a FuboTV spokesperson told Sports Handle.Β The spokesperson declined to comment further on the matter.

The partnership centered on the creation of the Fubo Sportsbook Lounge at MetLife Stadium for Jets home games. Fubo also became the presenting partner of the Jets’ mobile app.

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Matt Rybaltowski

Matt Rybaltowski

Matt is a veteran writer with a specific focus on the emerging sports gambling market. During Matt's two decade career in journalism, he has written for the New York Times, Forbes, The Guardian, Reuters and CBSSports.com among others. In his spare time, Matt is an avid reader, a weekend tennis player and a frequent embarrassment to the sport of running. Contact Matt at [email protected]

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