One month from today is Super Bowl Sunday, which reminded me of a new disclosure by Apollo Group (APOL) that I caught over the holidays. Rather than try to interpret it, we thought you’d enjoy it unvarnished. Here’s a snip:
The Company has also entered into a stadium naming rights agreement with the Arizona Cardinals Football Club of the National Football League. A number of ancillary benefits are provided to the Company under the contract, including access to a private stadium loft for a limited number of guests for all Cardinals home football games and certain other entertainment events held at the stadium, additional tickets to all home games played by the Arizona Cardinals at the stadium, fully-paid expenses (transportation, food and lodging) to three away games for a limited number of guests per trip, fully paid expenses (transportation, food and lodging) to the Super Bowl and NFL Pro Bowl each year for up to 4 guests per trip, a specified number of tickets to each Super Bowl held at the stadium and the right to buy a fixed number of additional tickets to each Super Bowl held at the stadium and up to a specified number of seats to Super Bowls held at other locations.
The disclosure goes on to note that the tickets are first allocated to executives and other employees for “business entertainment” or “business development” purposes. But any leftovers are given to executives officers and senior management “as an additional reward for their services to the Company”. Any leftovers after that are given to the “general employee population on a random basis.”
Now we’re not normally big bettors here at footnoted. But we’re going to take this one: we expect the number of Apollo’s “general employee population” heading to Miami next month to be somewhere around zero.