The Nets are suing Monster Inc, claiming the headphone maker didn’t pay the team sponsorship fees.
As Forbes reports the Nets allege a number of things in their complaint...
The professional relationship between the Nets and Monster began on March 13, 2017, with the execution of a Sponsorship Agreement under which Monster was given the title of “Official Headphone and Speaker Sponsor of the Brooklyn Nets” along with other rights in connection with the Nets, the New York Islanders and Barclays Center as well as exclusivity in the headphone and speaker category in exchange for the payment of annual fees as well as a royalty on net sales from products sold as a direct result of the agreement. The agreement also contained a license allowing Monster to use the Nets and Barclays Center trademarks during the defined term.
It is alleged that Monster failed to make each and every payment due under the agreement despite multiple notices provided concerning the default.
As a result, the Nets wants Monster to pay up $560,000 in damages as well as “additional relief” for the alleged “infringement” of the Nets trademarks and “unfair competition” through continued use of the Nets and Barclays Center brands after it received a cease and desist letter.
- Why The Brooklyn Nets Are Suing A Recent Sponsor In Monster Inc. - Darren Heitner - Forbes