The biggest asset for professional and amateur sports teams is the intangible asset of goodwill associated with the teams’ intellectual property, including logos, branding, and mascots.

I. Trademark Protection

The Lanham Trademark Act, the federal statute that governs trademark-protection law, defines a trademark as “a word, name, symbol, or device or any combination thereof” that identifies a manufacturer or merchant supplier. Amateur and professional sports team logos are protected under the...