by Karl Utermohlen | October 1, 2013 1:47 pm
Before belonging to Pepsi (PEP), Gatorade was nothing more but the official drink of the University of Florida Gators.
Celebrity Net Worth reports that the sports drink started out as a way of hydrating the Gators that was developed by researchers at the University of Florida. Dr. Robert Cade patented the formula and offered to sell all the rights to the institution but they refused.
After he partnered up with a company called Stokely-Van Camp, the product took off and the university wanted the rights to the product since Cade did the research under Federal grants. The University of Florida sued Cade and a three-year legal battle ended with the institution winning 20% of Gatorade profits.
Gatorade was eventually sold to Quaker Oats which was later bought by Pepsi for $13 billion but the University of Florida continues to make millions every year from the product. The product is now the official drink of the NFL, MLB, NHL, NBA and MLS and it produces $3.3 billion a year in revenue.
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