MLB will begin allowing teams to sell space on their uniform sleeves for the first time in the 2023 season — and the New York Yankees are ready to strike a deal.
The Bronx Bombers have recruited Legends to manage the search. The Yankees, who own a stake in Legends, are reportedly looking to sign a multiyear deal.
It’s unclear how much the 27-time World Series champs are looking for, but it won’t be cheap. Forbes last valued the Yankees at $6 billion — the second-most valuable franchise in the world and a big hike from MLB’s average of $2.07 billion. On top of that, the team hasn’t sold the naming rights to the iconic Yankee Stadium.
“I would characterize the investment as a top-tier naming rights-type investment,” Chris Hibbs, president of Legends’ Global Partnerships division, said.
MLB could reportedly generate between $350 million to $400 million per year through the teams’ jersey patch deals — averaging $13.3 million per franchise. In 2021, MLB brought in $1.13 billion in corporate sponsorships.
The Yankees and the Dallas Cowboys founded Legends in 2008 and still collectively own more than 40% of equity.
- The company’s initial focus was on concession operations and retail merchandising within their stadiums.
- Since expanding to include hospitality and sponsorships, the company reached a $1.3 billion valuation after investment firm Sixth Street acquired a majority stake last year.
Legends launched its Global Partnerships division in February 2020 and lists SoFi Stadium, Allegiant Stadium, and the University of Notre Dame among its clients.