The Brooklyn Nets agreed to a multiyear jersey patch placement with online trading platform Webull on Monday in a deal valued at roughly $30 million per year, according to CNBC.
The Golden State Warriors previously held the largest per-year deal for a jersey patch, receiving $20 million each season from Japan-based e-commerce company Rakuten.
Last week, the Los Angeles Lakers inked a five-year jersey patch sponsorship worth more than $100 million with leading South Korean food brand Bibigo.
Jersey patch deals have increased sponsorship in the NBA by 70% since the 2016-17 season and continue to be a hot commodity.
- Crypto.com recently secured a jersey patch deal with the Philadelphia 76ers for roughly $10 million annually.
- Monumental Sports & Entertainment, which owns the Washington Wizards, is looking for a new jersey sponsor with an asking price of $12 million per year.
The Nets are owned by Alibaba co-founder Joseph Tsai, who purchased a 49% controlling interest in the team in 2017 for $1 billion. Two years later, he acquired the remaining 51% from Russian billionaire Mikhail Prokhorov in a sale reportedly valued at $2.35 billion — a record price for a sports franchise.
Webull, a subsidiary of Chinese holding company Fumi Technology, is valued at $1 billion, per PitchBook.