If there’s something the NBA is famous for, apart from their amazing athletes, it’s the millionaire sponsorship deals players and teams sign every year. These types of sponsorships are so common now that nobody is surprised by them anymore. Having said that, some recent innovations and market changes have brought some surprising new deals.
Los Angeles Lakers Multi-Million Dollar Patch
Surprisingly, last year Korean food brand Bibigo signed a five-year deal with Los Angeles Lakers. The purpose? To have their brand featured in a small patch on the team’s jersey. This may sound normal for European football fans, but this is the first deal of this magnitude when it comes to uniform-based sponsorships in the NBA.
Brooklyn Nets Record-Breaking Deal
When people think about the NBA, they tend to picture the Chicago Bulls or the Lakers, however, the impressive Brooklyn Nets just signed a record-breaking sponsorship deal. The team has signed a deal with Webull, a financial platform, for $30 million dollars a year to be the official sponsor of their jersey. The record-breaking deal comes as a result of the recent rise in popularity of the team, which ensures an increase in viewership for the next couple of years.
Golden State Warriors NFTs
Player-focused NFTs have proven to be a highly profitable endeavor, especially when it comes to NBA stars, which is why the next deal doesn’t come as a surprise. The Golden State Warriors recently signed a deal with FTX.us, a cryptocurrency marketplace, to mint and trade official NFTs. It’s not clear yet what exactly can be expected from this partnership, but it’s very likely we will start seeing virtual cards and team-related digital art being released.
Stephen Curry’s Multiversal Sneakers
NBA players’ collaborations with designers to release highly anticipated sneakers are not new. However, these types of deals allow fans to actually wear a physical pair of sneakers. Well, Golden State Warriors player Stephen Curry decided to release pairs of digital sneakers mimicking the shoes he used while breaking his 3-point scoring record. However, these are not simple NFTs. In fact, these digital sneakers will be able to be worn by their owners in multiple meta-verse platforms.
The NBA’s and Coinbase’s Deal
Probably one of the most impactful sponsorship deals however is the one between the National Basketball Association and the crypto trading company Coinbase. The deal involves most NBA brands, from the WNBA to the NBA 2K League. The specific details of the sponsorship have not been released yet, but given the high level of competition for sponsoring a brand as big as the NBA, and the recent push of cryptocurrency companies to get sponsorship deals, chances are it will probably involve hundreds of millions of dollars.
Socios’ Fan Tokens
Fan tokens are cryptocurrency-based coin that provides owners with different benefits. These tokens may allow fans to access exclusive deals, and even participate in votes regarding different team decisions. The idea has caught on, especially in sports watched around the world, like basketball and football. So far 26 NBA teams have signed with the blockchain-based fan tokens platform Socios. As a result, fans from all around the world can show support for their team, and get in contact with other token owners.
Clothing lines and sneaker collaborations will always be part of the basketball business. But, as we have seen, new and interesting contracts are being signed every month. In order to stay up to date with the changes taking place, it has become necessary to pay attention to the most recent technological innovations, like metaverse wearables and fan tokens.
FAQs for Some of the Most Interesting Sponsorship Deals in the NBA
These FAQs highlight the impact and significance of some of the most interesting and influential sponsorship deals in NBA history, providing insights into how these partnerships shape the league and its global influence.
1. What are some of the most notable sponsorship deals in NBA history?
Some of the most notable NBA sponsorship deals include Nike’s partnership with the league, which includes providing uniforms and apparel; Gatorade’s long-standing relationship as the official sports drink of the NBA; and the multi-million dollar jersey patch sponsorships with brands like Rakuten (Golden State Warriors) and Bumble (LA Clippers).
2. How did Nike’s partnership with the NBA change the league?
Nike’s partnership, established in 2017, replaced Adidas as the NBA’s official apparel provider. This deal revolutionized NBA merchandise with innovative jersey designs, high-quality gear, and special edition uniforms like the “City Edition” jerseys that resonate with local fan bases.
3. What is the significance of jersey patch sponsorships in the NBA?
Jersey patch sponsorships, introduced in 2017, allow brands to place their logos on team jerseys. This has become a lucrative revenue stream for teams, with deals often worth tens of millions of dollars annually. It also gives brands high visibility during games and broadcasts.
4. What was the impact of the Rakuten deal with the Golden State Warriors?
Rakuten’s jersey patch deal with the Golden State Warriors, worth $20 million annually, set a high standard for NBA sponsorships. The partnership extended beyond the patch to include collaboration on e-commerce, marketing, and global outreach, significantly enhancing Rakuten’s brand presence.
5. How does the NBA’s partnership with Gatorade benefit both parties?
Gatorade’s partnership as the NBA’s official sports drink since 1984 has been mutually beneficial, with Gatorade gaining massive exposure during games, while the NBA benefits from the association with a leading sports hydration brand. The deal includes product placements, Gatorade-branded courtside coolers, and the Gatorade Sports Science Institute’s involvement in player performance research.
6. What role does the NBA play in promoting global brands through sponsorships?
The NBA’s global reach makes it an attractive platform for brands looking to expand their international presence. Deals like those with Rakuten, Kia Motors, and Tissot leverage the NBA’s worldwide popularity to promote these brands across various markets, particularly in Asia and Europe.
7. How have technology companies engaged with the NBA through sponsorships?
Technology companies like Microsoft, which partners with the NBA on digital transformation, and Intel, which has collaborated on VR content, use their sponsorships to integrate cutting-edge technology into the league’s operations, enhancing fan engagement and the overall NBA experience.
8. What was the impact of the Sprite and NBA partnership?
Sprite, a Coca-Cola brand, has been a prominent NBA sponsor for decades. Their partnership has included everything from event sponsorships like the Slam Dunk Contest to youth programs and fan engagement campaigns, making Sprite synonymous with NBA culture.
9. Are there any unique or unconventional NBA sponsorship deals?
Yes, some unconventional deals include the Sacramento Kings’ partnership with Blue Diamond Almonds, leveraging California’s almond farming, and the Utah Jazz’s partnership with Qualtrics, which donates the patch space to cancer research initiatives through its “5 For The Fight” campaign.
10. How do these sponsorships impact the NBA teams and players?
Sponsorships provide significant financial support to NBA teams, allowing them to invest in better facilities, player development, and community programs. Players also benefit through individual endorsement deals and increased exposure, which can enhance their personal brands.
image credit: wikipedia
