New York Knicks ‘eyeing record $30 million a year jersey sponsorship’ to compete with Nets deal, highest in league
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The New York Knicks ‘observe a jersey sponsorship record of $30 million a year’ to rival the Brooklyn Nets’ deal, the highest in the league ‘…as NBA teams continue to cash in on the big money patch deals
The New York Knicks are actively seeking a jersey endorsement deal worth around $30 million a year, according to reports.
As it stands, the MSG-based franchise is one of four teams in the NBA without a current patch deal, after its $15 million-a-year deal with Squarespace ended last season.
Now him Sports Business Journal report that the Knicks are considering a new deal that DOUBLES their previous best, and is in line with the league-high $30 million a year partnership the Brooklyn Nets signed with WeBull in 2021.
“They are looking for Rakuten money,” a marketer for the team told the publication.
As of February 2023, the Knicks, Portland Trail Blazers, Memphis Grizzlies and Washington Wizards are the only teams in the NBA without a jersey patch deal, and nine other teams’ partnerships will be renewed at the end of this season.
The New York Knicks currently do not have a jersey patch sponsor, along with three other teams.
Brooklyn Nets’ $30ma annual deal with WeBull is current highest of 30 NBA teams
The Lakers’ endorsement deal with Bibigo is worth $100 million over five years, according to reports.
Patch sponsorships have been a lucrative money-making tool for basketball teams in the US since they were introduced, with revenue currently more than double original projections, according to the league.
“We know there’s a lot (patch inventory), but we believe this asset for us is global, given the visibility of our players and the social media reach we have,” Amy Brooks, president of marketing and business for the nba. she operations said, by receiving sports.
When the Jersey Patch program was first launched more than a decade ago, then-Deputy Commissioner Adam Silver predicted that it would generate a combined $100 million in revenue for all 30 NBA teams.
Now, it is projected to exceed $250 million annually, more than double the initial estimate.
In September 2021, the Lakers unveiled a $100 million, five-year deal with Korean food manufacturer Bibigo, while the Nets have the more lucrative deal with their WeBull partnership, worth $30 million a year. .