New York Knicks eyes record 30m shirt sponsorships a year

New York Knicks ‘eyes record $30m shirt sponsorships a year’ to compete with league High Nets deal

New York Knicks eyeing ‘record $30 million annual shirt sponsorships’ to rival Brooklyn Nets deal in league’…while NBA teams continue to benefit from big-money patch deals

The New York Knicks are reportedly actively seeking a shirt sponsorship deal worth around $30 million a year.

As it stands, the MSG-based franchise is one of only four NBA teams without a current patch deal after their $15 million Squarespace contract ended last season.

Now, Sports Business Journal is reporting that the Knicks are eyeing a new contract that DOUBLES their previous high — and matches the league-high $30 million year partnership the Brooklyn Nets signed with WeBull in 2021.

“They’re looking for Rakuten money,” a team marketer told the publication.

As of February 2023, the only NBA teams without a jersey patch deal are the Knicks, Portland Trail Blazers, Memphis Grizzlies and Washington Wizards, with nine other teams’ partnerships subject to renewal at the end of this season.

The New York Knicks currently have no jersey patch sponsor, along with three other teams

The New York Knicks currently have no jersey patch sponsor, along with three other teams

The Brooklyn Nets' $30 million annual contract with WeBull is currently the highest of any 30 NBA teams

The Brooklyn Nets’ $30 million annual contract with WeBull is currently the highest of any 30 NBA teams

The Lakers' sponsorship deal with Bibigo is reportedly worth $100 million over five years

The Lakers’ sponsorship deal with Bibigo is reportedly worth $100 million over five years

Patch sponsorships have been a lucrative money-making tool for basketball teams across the US since their inception, and revenue per league is currently more than double what was originally forecast.

“We know there’s a lot of patch inventory out there, but we believe this benefit is global to us given the visibility of our players and the social media reach we have,” Amy Brooks, NBA President of team marketing and business operations said, per Front Office Sports.

When the jersey patch program was first launched over a decade ago, then-Deputy Commissioner Adam Silver predicted that it would generate $100 million in combined sales for the 30 NBA teams.

Now it’s valued at over $250 million a year, more than double the original estimate.

In September 2021, the Lakers announced a $100 million, five-year deal with Korean food maker Bibigo, while the Nets have the most lucrative deal, worth $30 million a year, with their WeBull partnership.