County of Monterey - File #: A 22-296

• File #: A 22-296
• Name: Approve and authorize the Monerey County Laguna Seca Representative to execute a five-year Sponsorship Agreement between Rolex Watch USA and the County of Monterey, with one right of first refusal option
• Type: BoS Agreement
• Status: Passed
• File created: 6/1/2022
• In control: Board of Supervisors
• On agenda: 7/12/2022
• Final action: 7/12/2022
• Title: Approve and authorize the Monterey County Laguna Seca Representative to: a. Execute a five-year Sponsorship Agreement between Rolex Watch USA, Inc. and the County of Monterey for Calendar Years 2022 through 2026, including sponsorship and marketing-specific rights as Event Title Sponsor and Official Timepiece of the Monterey Motorsports Reunion for WeatherTech(r) Raceway at Laguna Seca, with a retroactive term beginning May 4, 2022 and ending December 31, 2026, for a total Sponsorship fee amount of $1,975,000 over the initial term; and b. Execute an amendment to the Sponsorship Agreement to extend the term for four (4) additional years, should Rolex Watch USA, Inc. elect to exercise its renewal option.

Date	Action By	Action	Result
7/12/2022	Board of Supervisors	approved	Pass

Title
Approve and authorize the Monterey County Laguna Seca Representative to:
a. Execute a five-year Sponsorship Agreement between Rolex Watch USA, Inc. and the County of Monterey for Calendar Years 2022 through 2026, including sponsorship and marketing-specific rights as Event Title Sponsor and Official Timepiece of the Monterey Motorsports Reunion for WeatherTech(r) Raceway at Laguna Seca, with a retroactive term beginning May 4, 2022 and ending December 31, 2026, for a total Sponsorship fee amount of $1,975,000 over the initial term; and
b. Execute an amendment to the Sponsorship Agreement to extend the term for four (4) additional years, should Rolex Watch USA, Inc. elect to exercise its renewal option.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors approve and authorize the Monterey County Laguna Seca Representative to:
a. Execute a five-year Sponsorship Agreement between Rolex Watch USA, Inc. and the County of Monterey for Calendar Years 2022 through 2026, including sponsorship and marketing-specific rights as Event Title Sponsor and Official Timepiece of the Monterey Motorsports Reunion for WeatherTech(r) Raceway at Laguna Seca, with a retroactive term beginning May 4, 2022 and ending December 31, 2026, for a total Sponsorship fee amount of $1,975,000 over the initial term; and
b. Execute an amendment to the Sponsorship Agreement to extend the term for four (4) additional years, should Rolex Watch USA, Inc. elect to exercise its renewal option.

SUMMARY/DISCUSSION:
All Fields Sports, contracted Sponsorship and Sales Representative for WeatherTech(r) Raceway at Laguna Seca (WRLS), negotiated a new $1,975,000 Sponsorship Agreement (Agreement) with Rolex Watch USA, Inc. (Rolex). Rolex wishes to enter into a five-year Sponsorship Agreement with the County for the 2022 to 2026 Calendar Years, including a right of first refusal option to renew the Agreement for an additional four-year term (2027-2030). The initial term of the prop...