Related Post
New York Knicks ‘eye record $30m-a-year jersey sponsorship’ to rival league-high Brooklyn Nets deal’… as NBA teams continue to cash in on big-money patch agreements
The New York Knicks are actively searching for a jersey sponsorship deal worth in the region of $30million a year, according to reports.
As it stands, the MSG-based franchise are one of just four NBA teams without a current patch deal, after their $15m-a-year Squarespace contract ended last season.
Now, the Sports Business Journal report that the Knicks are eyeing a new deal which DOUBLES their previous best – and falls in line with the league-high $30m-a-year partnership the Brooklyn Nets signed with WeBull in 2021.
‘They’re looking for Rakuten money,’ a team marketer told the publication.
As of February 2023, the Knicks, Portland Trail Blazers, Memphis Grizzlies and Washington Wizards are the only NBA teams without a jersey patch deal, with nine other teams’ partnerships up for renewal at the end of this season.
The New York Knicks currently don’t have a jersey patch sponsor, along with three other teams
The Brooklyn Nets’ $30m-a-year deal with WeBull is the current highest of all 30 NBA teams
The Lakers’ sponsorship deal with Bibigo is worth $100m over five years, according to reports
The patch sponsorships have been a lucrative money-making tool for basketball teams in the US since they were introduced, and revenues are currently more than double the original projections, per the league.
‘We know there’s a lot (of patch inventory) out there, but we feel this asset for us is global, considering the visibility of our players and the social media reach that we have,’ Amy Brooks, NBA president of team marketing and business operations said, per Front Office Sports.
When the Jersey Patch Program was first floated over a decade ago, then-deputy Commissioner Adam Silver predicted it would bring in a combined revenue of $100million for the 30 NBA teams.
Now, it is projected to be over $250m annual, more than double the initial estimate.
In September 2021, the Lakers unveiled a $100m, five-year deal with Korean food-maker Bibigo, while the Nets have the most lucrative deal with their WeBull partnership, worth $30m a year.
