The Georgia Bulldogs and the Florida Gators have signed a “Term Sheet” which will extend their annual football game in Jacksonville through 2021, SicEmDawgs.com has learned.
A copy of the signed document was obtained from the University of Georgia via an open records request.
The term sheet between Georgia, Florida, and the City of Jacksonville indicates that a long-form contract will be drafted and executed no later that April 15, 2016.
Earlier this month, First Coast News WTLV/WJXX in Jacksonville reported on the existence of the term sheet, although it was unsigned at the time. Since then, the term sheet was revised from a seven-year extension through 2023 to a five-year extension through 2021. Other details remain the same and are listed below:
- Each team will receive a $250,000 annual payment per game starting in 2017.
- City of Jacksonville will pay $125,000 per team for the 2016 game as a signing bonus.
- $60,000 per team travel stipend effective with the 2017 game.
- City of Jacksonville will provide the University of Georgia with air travel cost not to exceed $350,000.
- Jacksonville is responsible for creating a “customized seating solution if any club seats are removed for stadium club seat renovations.” The schools must approve.
- Jacksonville must use its best efforts to create two (2) permanent ads inside Everbank Field for the game.
As part of the term sheet, Georgia and Florida also agree to begin contract extension discussions immediately after the 2018 game.
UGA Director of Athletics Greg McGarity signed the term sheet on Monday, March 14, 2016. Jeremy Foley, Florida’s athletics director, signed the document on an unspecified date.
The Athens Banner-Herald reports that Georgia nets about $2.4 million from each game in Jacksonville, or about $5 million every two years. That’s about $2 million more than the Bulldogs would net if they played the Gators home-and-home.
“So it’s a sweet deal for us,” McGarity told the ABH. “From a financial standpoint, it’s a huge deal for us. A $2 million swing over a two-year period is hard to make up in other areas.”
Georgia and Florida have met in Jacksonville every season since 1933, with the exception of 1994-95 when the stadium was renovated. The Bulldogs lead the overall series 50-42-2, but have lost the last two meetings.