Right Of First Refusal

What Does Right Of First Refusal Mean?
In general, the right of a person or company to purchase something before the offering is made available to others.

Investopedia explains Right Of First Refusal
For example, a football team may have the right of first refusal on a player's contract. This would mean they can make the first offer, or perhaps even match other offers, before the player signs with another team. This term is also used frequently in real estate transactions.