On Sunday afternoon in Los Angeles, the Los Angeles Lakers unveiled a statue of Pat Riley outside their arena, freezing him forever in an Armani suit with his fist raised in triumph.
The tribute celebrates his four championships and the golden “Showtime” era. But it also serves as a reminder that Riley’s legacy is not just about rings and slicked-back hair. It is also about one of the savviest off-court business moves in sports history: owning the trademark to the phrase “three-peat.”
Because while statues honor wins, trademarks monetize them.
(Win McNamee/Getty Images)
History of the “Three Peat” Trademark
Pat Riley’s basketball résumé is secure. He won an NBA championship as a player with the 1972 Lakers, then captured five more titles as a head coach. Two of those came consecutively in 1987 and 1988 while coaching the Lakers.
Heading into the 1989 season, Lakers guard Byron Scott was the first person to use the term “three-peat” as a way to motivate his teammates. Pretty soon, “three-peat” became the rallying cry for all Lakers fans throughout Los Angeles.
The three-peat looked like a done deal after the Lakers, led by league MVP Magic Johnson, swept Portland, Seattle, and Phoenix to land in the NBA finals against the Detroit Pistons. Unfortunately, the Pistons shut down all hope of a three-peat when they crushed the Lakers in a swift four-game sweep. But for Pat Riley, there was a silver lining.
After hearing Byron Scott use the phrase “three-peat,” Pat Riley made a shrewd business decision. In November 1988, Riley submitted an application to trademark the term “three-peat” through his corporate entity, “Riles & Co.” A few months later, the application was approved, and trademark #1552980 was granted. This meant that anytime someone used that phrase commercially from that point on, they would have to pay Pat Riley a licensing royalty.
When Other Dynasties Cashed In for Him
The real payday came courtesy of other teams.
The Chicago Bulls won three consecutive championships from 1991 to 1993, then repeated the feat from 1996 to 1998. Each time, merchandise makers, apparel companies, and other commercial users who wanted to print “three-peat” on shirts, hats, or promotional materials needed a license.
In 1993, Riles & Co. earned around $300,000 in royalties. In 1998, that figure nearly doubled to approximately $600,000.
Ironically, Riley did not coach either Bulls run. Yet he profited from both.
Later, the Los Angeles Lakers themselves achieved a three-peat from 2000 to 2002 under Phil Jackson. Once again, Riley’s trademark generated licensing revenue.
Over the decades, Riles & Co. has continued collecting royalties whenever a professional or collegiate team attempts to commercialize a three-championship streak. The exact cumulative total has never been publicly disclosed, but conservative estimates suggest the trademark has generated well over $1 million, possibly several million, in licensing income across multiple sports and eras.
Defending the Phrase
Riley did not just secure the original trademark. He expanded and protected it.
Riles & Co. obtained additional marks, including variations such as “3 Peat.” He also successfully challenged attempts to register similar phrases. One notable case involved a group attempting to trademark “Three-Pete” in reference to former USC football coach Pete Carroll and a potential national title run. Riley’s legal team argued that the variation was too similar, and the application was rejected.
There have been periodic legal challenges claiming “three-peat” has become generic sports language and should no longer be enforceable. So far, the U.S. Patent and Trademark Office has continued to uphold the trademark’s validity.
And that means Riley continues to collect.
