Saturday, March 3, 2018

Michigan First CU Sues Detroit Pistons over Breach of Sponsorship Agreement

Crain's Detroit Business is reporting that Michigan First Credit Union (Lathrup Village, MI) sued Palace Sports & Entertainment and the Detroit Pistons.

The complaint alleged that the Piston breached a 2016 sponsorship agreement, when it signed an exclusive agreement deal with Flagstar Bancorp over its move from the Palace of Auburn Hills to Little Caesars Arena in Detroit. The credit union argued it suffered a loss of goodwill with the termination of the sponsorship agreement.

As background, the credit union signed an exclusive sponsorship agreement on November 9, 2016 with Palace Sports & Entertainment and the Detroit Pistons. On August 27, 2017, the sponsorship agreement was terminated after the Pistons had announced on November 22, 2016 it would begin playing at Little Caesars Arena in the 2017 - 2018 basketball season.

The Michigan Court of Appeals reversed a trial court decision granting the credit union an injunction requiring the Pistons to uphold a commitment to negotiate a new deal.

Read the Appeals Court Opinion.

Read the story.


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