LeBron James of the Los Angeles Lakers at a sport in opposition to the LA Clippers at ESPN Wide World Of Sports Complex on July 30, 2020 in Lake Buena Vista, Florida.
Mike Ehrmann | Getty Images
The Los Angeles Lakers are on the prowl for a new jersey accomplice and employed a world sports activities advertising agency to make it occur.
The group introduced Wednesday it has partnered with agency Sportfive as a third-party agency to find a new patch accomplice for the 2021-22 National Basketball Association season.
Terms of the new partnership weren’t supplied.
The Lakers, who received the 2020 NBA Finals, has a present jersey partnership with e-commerce firm Wish, which ends after the present season. The deal was valued within the $12 million to $14 million vary when it commenced in 2017.
In the discharge asserting the Sportfive settlement, the Lakers stated, “the estimated sponsorship media value of the team’s jersey patch for the 2019-2020 season was $199 million.” The Lakers used analysis firm Nielsen, decide the determine.
Companies that buy an NBA jersey patch covet the model consciousness obtained when groups play nationwide video games on ESPN or TNT, the league’s prime media companions.
Sportfive was previously named Lagardere Sports and Entertainment earlier than being bought to Florida-based non-public fairness agency H.I.G. Capital final yr after which rebranded. The Lakers stated Sportfive would search a new accomplice, both home or internationally, as groups can now designate three companions to freely leverage their mental property outdoors of the U.S. and Canada.
“We view the Lakers as a global brand with an international presence,” stated Tim Harris, Lakers president of enterprise operations, in a press release. “It’s important to us to partner with an agency whose reach equals our ambition. Sportfive understands the values of the Lakers organization and our desire to find a jersey patch sponsor that aligns with those values.”
Jason Miller, SVP of properties at Excel Sports Management, advised CNBC there may be “tremendous” demand patch partnerships due to the NBA opening up world advertising for its golf equipment.
Excel has bought patches for a number of groups, together with the Boston Celtics, Chicago Bulls and Houston Rockets. The firm can be overseeing the Minnesota Timberwolves patch providing.
The NBA generated roughly $150 million in income from its patch program, which was launched for the 2017-18 season. The program lets firms pay to put their emblem on a patch on the shoulder of every participant’s jersey.
In an interview with CNBC in October, Amy Brooks, the league’s president of group advertising and enterprise operations, stated the NBA expects “significant growth” from the patch income however didn’t present a particular progress share because the NBA remains to be combating via Covid-19 losses.
Correction: This article was up to date to replicate Lagardere Sports and Entertainment’s rebranded as Sportfive. A earlier model stated Lagardere served as proprietor of the corporate.