{"id":242136,"date":"2022-11-09T18:14:58","date_gmt":"2022-11-10T00:14:58","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=242136"},"modified":"2022-11-10T13:55:58","modified_gmt":"2022-11-10T19:55:58","slug":"new-york-jets-say-fubo-sportsbook-in-default-on-12-4m-partnership-deal","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/new-york-jets-say-fubo-sportsbook-in-default-on-12-4m-partnership-deal\/","title":{"rendered":"New York Jets Say Fubo Sportsbook in Default on $12.4M Partnership Deal"},"content":{"rendered":"

The New York Jets have taken a dispute with Fubo Gaming to court and are seeking its former sports betting partner to be placed in receivership.<\/p>\n

\"New<\/a>
Promotional signage for Fubo Sportsbook appears at MetLife Stadium, where the New York Jets play its NFL home games. The Jets have filed a petition with a Delaware court to put Fubo Sportsbook in receivership after the team says Fubo defaulted on a partnership agreement between the two sides. (Image: NewYorkJets.com)<\/figcaption><\/figure>\n

The NFL team made the request in the Delaware Court of Chancery, Casino.org<\/i> has learned. That comes after it notified Fubo leaders late last month the company was in default on a five-year sponsorship agreement reached with the FuboTV subsidiary in August 2021.<\/p>\n

\n

According to a demand letter Casino.org<\/em> received, Fubo had agreed to pay the Jets $12.4 million in sponsorship fees over the term of the deal. However, the letter claimed Fubo failed to pay a nearly $1.2 million installment due on October 1.<\/p>\n<\/div>\n

On October 17, FuboTV announced that it was pulling the plug on its sports betting and gaming operations after failing to find a suitable partner during a two-month strategic review<\/a>.<\/p>\n

Fubo Sportsbook was operational in Arizona, Iowa, and New Jersey. The Jets partnership was a key part of Fubo\u2019s New Jersey plans, as the team plays its games at MetLife Stadium in the New Jersey Meadowlands.<\/p>\n

In the demand letter, an attorney representing the Jets told Fubo Gaming President Scott Butera and FuboTV Vice President of Legal and Business Affairs Greg Riches that the team had \u201cfully performed\u201d its duties in the agreement. That included providing Fubo with \u201csubstantial\u201d promotional benefits, a suite and tickets to home games, and investing in the construction, staffing, and operation of the Fubo Sportsbook Lounge at the stadium.<\/p>\n

Jennifer Press, a spokesperson for Fubo, told Casino.org<\/i> in a statement that the company believes the Jets case is meritless and that Fubo will \u201cvigorously defend\u201d itself.<\/p>\n

A Jets spokesperson declined to comment on the matter.<\/p>\n

‘Blatant Act of Bad Faith’<\/h2>\n

The letter also indicated the Jets only found out about Fubo Sportsbook\u2019s demise<\/a> through public reports.<\/p>\n

\n

These actions by Fubo are a blatant act of bad faith,\u201d <\/strong>wrote Andrew L. Lee, an attorney with Foley & Lardner in the Oct. 25 letter. \u201cThe Jets intend to take all actions necessary to recover the damages suffered as a result of Fubo\u2019s defaults and bad faith.\u201d<\/strong><\/p>\n<\/blockquote>\n

However, the Jets also stated a willingness to reach \u201ca mutually agreeable resolution.\u201d Another lawyer representing the team had a conversation with a Fubo lawyer who said the streaming service provider was interested in a resolution, but the company had \u201cminimum assets to satisfy creditor claims.\u201d<\/p>\n

Fubo was one of two sports betting partners the Jets had. The other is WynnBET.<\/p>\n

Fubo Exploring Gaming Options<\/h2>\n

Last Friday, Fubo senior executives held the company\u2019s third-quarter earnings call with investment analysts. During the presentation, they immediately explained the decision to scrap the gaming operations.<\/p>\n

Cofounder and CEO David Gandler told analysts the hard choice to close the sportsbook was made after \u201cmuch careful deliberation.\u201d But he added it was made to put the company\u2019s resources behind the streaming service business.<\/p>\n

He added that the company has had \u201cpretty healthy\u201d discussions with sportsbooks to see if the company can leverage its assets \u2013 both the technology and its audience of sports-focused streaming consumers \u2013 for a strong return.<\/p>\n

\n

We remain open to the possibility of exploring ways to optimize our assets in the gaming space without investing our own capital,\u201d Gandler said. \u201cThe closure of our Fubo sportsbook, along with our sharp focus on the judicious deployment of capital and cash preservation provides us with added confidence in our current liquidity position.\u201d<\/p>\n<\/blockquote>\n

CFO John Janedis said he was upset about jettisoning gaming but that he understood the reason for the decision.<\/p>\n

\u201cWe had about seven to 10 days of work in New Jersey, where without any marketing or really any activity, we saw daily and weekly upticks in new accounts related to watching Fubo channels on the platform,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The New York Jets have taken a dispute with Fubo Gaming to court and are seeking its former sports betting partner to be placed in receivership. The NFL team made the request in the Delaware Court of Chancery, Casino.org has learned. That comes after it notified Fubo leaders late last month the company was in […]<\/p>\n","protected":false},"author":45,"featured_media":242137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1074],"tags":[82201,81714,80968],"acf":[],"yoast_head":"\nNew York Jets Say Fubo Sportsbook in Default on $12.4M Deal<\/title>\n<meta name=\"description\" content=\"The New York Jets and Fubo Sportsbook entered into a five-year deal last year. 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