The Los Angeles Lakers are looking for a new jersey partner and have hired a global sports marketing agency to make it happen

The team announced Wednesday that it has partnered with Sportfive as a third party agency to find a new patch partner for the National Basketball Association’s 2021-22 season

The Lakers, who won the 2020 NBA Finals, have a current jersey partnership with e-commerce company Wish, which ends after the current season deal was in the range of US $ 12 million to US $ 14 million at the beginning of 2017 – valued dollars

In the press release announcing the Sportfive deal, the Lakers said, “The estimated sponsorship media value of the team’s jersey patch for the 2019-2020 season was $ 199 million.” The Lakers used the research firm Nielsen to determine the number

Companies that buy an NBA jersey patch covet the brand awareness that teams achieve at national games on ESPN or TNT, the league’s top media partners

Sportfive was formerly called Lagardere Sports and Entertainment before it was sold to Florida-based private equity firm HichG Capital last year and then renamed The Lakers said Sportfive would seek a new partner, either nationally or internationally, since the Teams can now designate three partners who can freely use their intellectual property outside the U.S. and Canada

“We consider Lakers a global brand with an international presence,” said Tim Harris, President of Business Operations at Lakers, in a statement. “It is important for us to work with an agency whose reach is what Sportfive understands Values ​​of the Lakers organization and our desire to find a sponsor for jersey patches who correspond to these values ​​”

Jason Miller, SVP for real estate at Excel Sports Management, told CNBC that there are “huge” demand-patch partnerships as the NBA opens up global marketing to its clubs

Excel has sold patches for multiple teams including the Boston Celtics, Chicago Bulls, and Houston Rockets. The company also oversees the patch supply from Minnesota Timberwolves

The NBA had sales of approximately $ 150 million from its patch program, which was introduced for the 2017-18 season, with the program allowing companies to pay to have their logo on a patch on the shoulder of each jersey Player to attach

In an interview with CNBC in October, Amy Brooks, president of the league for team marketing and business operations, said the NBA expects “significant growth” in patch revenue but has not given a specific growth percentage as the NBA is still struggling due to Covid-19 losses

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World News – CA – The Lakers are hiring Sportfive to find a new shirt sponsor valued at nearly $ 200 million