Pat Riley's Earnings from "Three-Peat" Trademark Revealed

Pat Riley's Earnings from "Three-Peat" Trademark Revealed.

With their victory over the Buffalo Bills, Patrick Mahomes and the Kansas City Chiefs are on their way to the Super Bowl. It is noteworthy that the Chiefs have secured the last two Super Bowl titles. Thus, should they emerge victorious once more, they would achieve the rare feat of a "three-peat."

A third consecutive championship would represent a significant milestone for Patrick, Travis Kelce, DeAndre Hopkins, and the entire Chiefs organization. Interestingly, an unrelated figure, former NBA coach Pat Riley, has a compelling reason to support the Chiefs in their pursuit of this achievement.

The rationale behind his support lies not only in the validation it would provide for his capabilities as Team President but also in the fact that Pat Riley holds the trademark for the term "three-peat."

What Is The History of the "Three Peat" Trademark?

Pat Riley boasts an impressive career portfolio. He secured his first NBA Championship as a player with the 1972 Lakers and subsequently achieved five additional titles as a head coach. Notably, he captured two consecutive championships in 1987 and 1988 while at the helm of the Lakers.

As the 1989 season approached, Lakers guard Byron Scott was the first to coin the term "three-peat" to inspire his teammates. This phrase quickly became a unifying slogan for Lakers supporters across Los Angeles. The prospect of a three-peat seemed promising when the Lakers, guided by league MVP Magic Johnson, triumphed over Portland, Seattle, and Phoenix, advancing to the NBA Finals against the Detroit Pistons. Regrettably, the Pistons dashed any hopes of a three-peat by decisively sweeping the Lakers in four games. However, for Pat Riley, there was a beneficial outcome.

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Upon hearing Byron Scott's use of "three-peat," Pat Riley made a strategic business move. In November 1988, he filed an application to trademark the term "three-peat" through his company, "Riles & Co." The application was approved a few months later, resulting in the granting of trademark #1552980. This approval meant that any commercial use of the term would require payment of licensing royalties to Pat Riley.

Although the Lakers did not achieve a three-peat in 1989, the Chicago Bulls accomplished this feat twice in the following years. They won three consecutive championships from 1991 to 1993 and again from 1996 to 1998. Each time, Pat Riley benefited significantly. In 1993, Riles & Co. generated approximately $300,000 in licensing and royalty fees, which surged to nearly $600,000 by 1998. Riles & Co. has profited from numerous other instances of the three-peat concept, including the Lakers' own achievement of this milestone between 2000 and 2002.

Riles & Co. has been awarded several additional trademarks over the years, particularly for variations of the term, with "3 Peat" being the most prominent. Pat Riley successfully contested a group in Los Angeles that sought to trademark "Three-Pete," a term associated with USC football coach Pete Carroll's achievement of three consecutive national championships. Upon Riley's challenge to the trademark application, a patent court determined that the spelling was not sufficiently distinct, leading to the rejection of "Three-Pete."

Throughout the years, the legitimacy of the "three-peat" trademark has encountered several legal disputes. Various entities have argued that the term has become overly generic to warrant commercial trademark protection. Nevertheless, the US Patent and Trademark Office continues to uphold its decision, and Pat Riley continues to receive his royalty payments.

Pat Riley's savvy move to trademark the term "three-peat" has proven to be a masterstroke, generating substantial royalties over the years. His foresight in securing the trademark has not only benefited him financially but has also cemented his legacy as a forward-thinking leader in the sports world.

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As teams like the Chicago Bulls and Los Angeles Lakers achieved the coveted "three-peat," Riley’s company reaped the rewards. Now, with the Kansas City Chiefs aiming for their own "three-peat," Riley's trademark continues to shine as a testament to his business acumen and the lasting impact of his successful coaching career.