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NCAA locks in the “March Madness” trademark

The Kentucky Wildcats hold up the Eastern Regional Championship Trophy after the game against the North Carolina Tar Heels at the NCAA East Regional Round of 8 game at the Prudential Center in Newark, New Jersey on March 27, 2011. Kentucky defeated North Carolina 76-69 and advance to the NCAA Final Four. UPI/John Angelillo

The NCAA recently made moves to lock in rights for its “March Madness” trademark.

Quietly last October, the association paid $17.2 million to sports and entertainment marketer Intersport to stop using the term “March Madness,” which has been attached to the NCAA’s Division I men’s basketball tournament since the 1980s.

The settlement, spelled out in financial statements but unbeknown to most in the member schools and conferences, gives it sole ownership of a trademark that has been the subject of several legal disputes and challenges over the years. While large on its face, the eight-figure amount accounts for less than 2½% of the association’s $700 million-plus budget.

It’s another story about the business of college sports, coming at a time when we’re seeing scandal after scandal, mostly revolving around improper benefits like tattoos for memorabilia.

Meanwhile, the Justice Department is asking why there isn’t a playoff system in college football.

The entire issue of money and college athletics will be front and center for the foreseeable future.

AutoNation expands share buyback

The domestic auto industry is doing very well, and that’s reflected in the news coming from AutoNation:

AutoNation Inc. (NYSE: AN – News) announced that its board of directors has authorized the repurchase of up to an additional $250 million of common stock under its existing share buyback program. This has increased the total authorized amount under the program to $395.9 million.

Last year, the automotive retailer had increased the authorization amount during May and July by $250 million each. In the first quarter of 2011, the company repurchased 1.8 million shares at an aggregate price of $58.8 million, reflecting an average price of $32.60.

During the quarter, AutoNation reported a rise in profit to $70.3 million or 46 cents per share from $58.8 million or 34 cents in the year-ago period driven by strong new and used vehicle sales. The profit exceeded the Zacks Consensus Estimate by 3 cents per share.

This is excellent news for the economy, and hopefully we’ll see gas prices start to decrease, giving Americans more disposable income.

Mary-Kate and Ashley Olsen rock the fashion world!

Actresses Ashley (L) and Mary-Kate Olsen arrive for the Metropolitan Opera’s premiere of “Le Comte Ory” at Lincoln Center in New York March 24, 2011. REUTERS/Lucas Jackson (UNITED STATES – Tags: ENTERTAINMENT)

They started out as child actors, and then moved on to becoming cash cows in the tween market with their DVDs. Now the Olsen twins, Mary-Kate and Ashley (left above), are becoming fashion moguls.

Newsweek has a story on their high-end fashion label, The Row, and their incredible rise as a power in the fashion world.

Even more interesting is the fact that they have become advocates of American manufacturing:

The Olsens, who will be 25 in June, did not go to fashion or art school. They have built a considerable reputation by obsessing over darts (they hate them), gamely absorbing the blows of skeptical retailers, and keeping their celebrity mostly under wraps. They also have become champions in a longstanding effort to save this country’s garment factories. In 1965, factories in America produced 95 percent of the clothes sold in this country, according to savethegarmentcenter.org. Today, only 5 percent of the clothes sold here are produced locally. The future of New York’s garment center is no longer in mass production, activists argue, but rather in small-scale, high-end manufacturing that relies on skilled artisans.

“The whole point is reinvention—not what it was, but what it can be,” says designer Yeohlee Teng, who has been a leader in the effort.

The Olsens have taken up this blue-collar cause by producing their collection in factories in New York and, to a lesser degree, Los Angeles. (Their handbags are produced in Italy, as are a few of their superfine knits.)

“I really believe in our being able to create here and utilize the skills that people have here,” says Ashley. “The skill set is here. Our main issue is that some of the machinery is gone, so some knitwear is produced in Italy. But whether it’s clothing or cars, I believe in manufacturing as close to home as possible.”

It will be interesting to see if this sparks a trend in the U.S. garment industry.

NFL lockout is back on

The National Football League logo is displayed near the stage during round one of the 2011 NFL Draft Pick at Radio City Music Hall on April 28, 2011 in New York City. UPI/Monika Graff

The NFL lockout is back on.

The NFL, after a series of legal setbacks, got a breather Friday when a federal appeals court put the lift of the lockout on hold.

The U.S. 8th Circuit Court of Appeals granted the league’s request for a temporary stay of the injunction issued Monday by U.S. District Judge Susan Richard Nelson, who had ordered an end to the 45-day lockout.

The 8th Circuit granted a short stay in order to have time to consider a longer one. The NFL is appealing Nelson’s decision and wants the right to keep the lockout in place while that appeal is being decided.

Jim Quinn, an attorney for the players, said in an email that the stay from the 8th Circuit was “routine and totally expected.”

This mess is on full display as the NFL is going through its annual draft.

The owners created this fiasco by pushing for the lockout, and then the NFLPA raised the stakes by bringing the dispute to court. Now anything can happen.

Obama discusses energy policy

U.S. President Barack Obama delivers remarks on his energy strategy at Georgetown University in Washington, March 30, 2011. REUTERS/Jim Young (UNITED STATES – Tags: POLITICS ENERGY BUSINESS)

President Barack Obama gave a speech today on his energy strategy at Georgetown University in Washington. He addressed some of the recent controversy regarding domestic oil production, noting that oil production is at an 8-year high in the US, and that we can insist on safety with sensible regulation and still produce oil from offshore sites.

Obama urged oil companies to make greater use of the federal leases both onshore and offshore to prop up domestic oil output. The oil industry and GOP lawmakers have been loudly complaining about delays in the permitting of offshore drilling in recent months. But an irked administration, which had pledged tougher scrutiny of drilling applications after last year’s massive Gulf of Mexico oil spill, fired back Tuesday with an Interior Department report that revived earlier debates about whether oil companies were exploiting the leases they already have.

Obama has made energy a priority since taking office, with the increase in automobile fuel efficiency marking perhaps his greatest impact. As part of the economic stimulus package adopted in 2009, he also won about $70 billion in grants and loan guarantees to promote energy efficiency, advanced batteries for cars and renewable energy. He has said that in addition to energy benefits those monies will create what he calls “green jobs.” But he poured a large amount of effort into winning passage of a cap-and-trade climate bill, which failed.

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