BANTA COMM

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University Of Charleston *

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Economics

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Feb 20, 2024

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Dylan Harloff 2/14/2022 BANTA and Legitimacy Exercise Negotiation Subject : One subject of negotiations that has drawn all of attention recently is in sports with player’s contracts. Recently, the best players across every major professional sports league have been receiving massive contracts from the sports team they will play for. Some players have been signing record breaking contracts that are worth hundreds of millions of dollars. Being in the room to negotiate one of these contracts would be a real interesting experience. Witnessing how a team values a super star player is a rare experience as the value of these athletes continue to grow due to their rarity. One recent contract that was signed in the sports world was by Patrick Mahomes and the Kanas City Chiefs. The football organization agreed to a deal with Patrick that was for $400 million for over 10 years. However, if the two parties did not agree to this contract, there are 4 alternatives that they could pursue to try a reach an agreement. Alternatives : 1. Shorter Contract 2. Different form of payment 3. More money and more years 4. Less money per year but more incentives Best Alternative: The alternative solution that I would choose would be a different form of payment if both parties can not reach an agreement. There are different types of ways an organization can pay an athlete if they do not have the capital to pay the athlete. One way could be through giving the player stocks or paying them with different types of currencies. This would be beneficial for both sides because the stocks could be cheaper for the organization to buy and if the value of the stock rises, the player will be making more money than anticipated. Also buying a different form of currency like cryptocurrency could also potentially lead to the same conclusion as buying stocks. Some steps to avoid taking this solution would be trying to work out a contract that could fit their capital if they were unable to pay the original amount. Either making the contract longer giving them more time to pay Patrick, or the Chiefs could make the contract shorter and less total money. But, those solutions would have most likely displeased Patrick so using a different form of payment would be the best solution.

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