The Boston Red Sox are sliding in the standings, but their brand is as valuable as ever.
The team reportedly agreed to MLB’s largest jersey patch deal to date with Massachusetts-based insurance provider MassMutual.
- The pact is reportedly for 10 years at a base rate of $17 million per year. The deal could reach $20 million annually based on performance metrics.
- The deal nearly doubles the annual rate of the league’s only other patch deal, a four-year, $28-million agreement between Motorola and the San Diego Padres.
- MassMutual also has a sponsorship deal with the NHL.
MLB opened the door to jersey patch sponsorships in the collective bargaining agreement agreed to in March, following a 99-day lockout.
New York, New York
The Red Sox deal sets a new bar for jersey patch deals, with several high-profile teams still negotiating deals.
The New York Mets are seeking a $25 million deal, according to a source that spoke with Sports Business Journal. The New York Yankees, the league’s most valuable team at $6 billion, per Forbes, has hired consulting company Legends to negotiate a deal.
Last year, MLB struck a deal with crypto exchange FTX that included a jersey patch on umpire uniforms.