Kevin Durant #7 of the Brooklyn Nets shoots the ball against the Washington Wizards during a preseason game on December 13, 2020 at Barclays Center in Brooklyn, New York.
The Brooklyn Nets on Monday landed one of the National Basketball Association’s top jersey patch sponsorships with New York-based brokerage platform Webull, the parties told CNBC.
Terms of the agreement for the jersey patch weren’t announced, but people familiar with the agreement told CNBC it’s a multiyear pact that pays the Nets roughly $30 million per year. Since the NBA started its jersey patch asset in the 2017-18 season, the Golden State Warriors had the most expensive deal at $20 million per season with Japan-based e-commerce company Rakuten.
Webull is an online trading platform headquartered in New York and owned by Chinese holding company Fumi Technology. It competes with online brokers like Robinhood with its commission-free offerings and is valued at $1 billion, according to PitchBook.
With the agreement Nets owner BSE Global, Webull obtains the Nets jersey patch, and local and international rights to leverage the Nets’ intellectual property outside of North America. Webull also will have a jersey presence on other BSE properties, including the WNBA’s New York Liberty, the NBA G League’s Long Island Nets, and NBA 2K esports team.
Webull replaces Motorola, which took a one-year jersey patch deal with the Nets for the 2020-21 season. The team used that deal to make up for money lost due to the pandemic, which cost teams 40% of revenue due to fan restrictions. BSE CEO John Abbamondi called the agreement