I am a sports executive and held the position of Executive Director/Commissioner of a professional football league. I have an employment contract for a span of three years. I had performance on one year with two years left on the contract. The company/league was owned by three individuals operating under two separate companies, which were basically holding companies. They shut down this particular company/league, yet continued to operate their various other businesses under separate companies. I signed the contract in good faith knowing the risk of the business which was the reason I demanded this type of contract. They shut down the company/league through no fault of mine nor did they have any cause to release me from my contract except for the fact that they did not want to continue doing business. They refused to pay the remaining two years of my contract. How do I seek retribution on this contract?
2 Answers from Attorneys
Re: contract law
A lot will depend on who the contract was with and the status of that party or those parties. If a company is truly dissolved, there may not be any real redress. However, you may have some action against the principals and/or officers if they failed to abide by the contract. Have a business attorney review the agreement.
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Re: contract law
See a business litigation lawyer who can review the contract and many more facts not posted. We do not know what "this type of contract" means, the terms of the contract, your damages, the status of the other party to the contract, why the other business are relevant, etc. An employment contract is often worth the value of the other party. If it closes without assets, there is often nothing to get.