Monumental Sports & Entertainment, which owns the Washington Wizards, is looking to attract a new jersey sponsor with an asking price of $12 million per year, according to CNBC.
The sports and entertainment company is creating a “unified offer” to attract a new corporate sponsor by combining its NBA G League, esports teams, and WNBA’s Mystics franchise into one asset.
Geico was MSE’s first-ever jersey patch sponsor in 2018. Jersey patch sponsorships have become a hot commodity in the NBA.
- The Golden State Warriors have the largest NBA deal at $20 million per season.
- Last month, the Portland Trail Blazers became the first NBA team to land a jersey patch deal with a cryptocurrency platform.
- Only three of the 30 NBA teams do not have active patch deals.
Jersey patch deals have increased sponsorship in the NBA by 70% since the 2016-17 season, the last season before their integration.
The NBA generated a record $1.46 billion in sponsorship revenue for the 2020-21 season, a 6% increase year-over-year.
The league added 13 new sponsors during the 2020-21 season, including Microsoft, which brought in roughly $115 million in new spending, according to IEG.