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The Cleveland Cavaliers have a new jersey patch sponsorship. The NBA franchise agreed to terms with hometown steel manufacturer Cleveland-Cliffs, the parties announced Tuesday.To get more news about customized nfl jerseys, you can visit custom-nfljersey.com official website.
Terms of the deal were not publicly made available, but according to people familiar with the agreement, it matches the Cavs' previous sponsorship agreement with tire manufacturer Goodyear. That pact was valued at a reported $10 million per season.
The people declined to be named because the deal terms are private.
The agreement comes at a good time for Cleveland-Cliffs. The Cavs are one of the surprise teams in the NBA this season, and they appear headed to the postseason. The team is seventh in the NBA's Eastern Conference. The last time the team made the playoffs was when LeBron James led them to a fourth-consecutive NBA Finals in 2018, losing to the Golden State Warriors.
Cleveland-Cliffs would get increased national exposure if the Cavaliers make the playoffs, as postseason berths mean more television impressions for jersey patch partners.
Cleveland-Cliffs is traded on the New York Stock Exchange under the ticker symbol "CLF." It has a market cap of over $16 billion.In a statement announcing the partnership, Cavs CEO Len Komoroski called the company "the fabric of life here in Northeast Ohio." Komoroski added the agreement is "very appropriate and relevant for Cliffs to be represented, literally, on the fabric of the Cavs player jerseys."
In this new agreement, Cleveland-Cliffs will get in-arena signage at Rocket Mortgage FieldHouse, building off its current sponsorship deal with the team, which features an arena entrance naming rights slot. However, Cleveland-Cliffs will not obtain the Cavs' practice jersey patch asset or virtual floor signage for local broadcast games. Teams can package those assets in jersey patch deals to increase value.
NBA jersey patches have grown in popularity in the sports sponsorship marketplace. Since the NBA started its jersey patch program in 2017, team deals made the league roughly $150 million annually. That figure is expected to increase to more than $200 million for the 2021-22 season.
To date, the Brooklyn Nets have the most expensive patch deal. In September 2021, CNBC reported the Nets make $30 million per year from online trading platform WeBull. That agreement eclipsed the Golden State Warriors' $20 million per season deal with Japan-based e-commerce company Rakuten. That deal was extended last year and expires after the 2022-23 season.
Newer NBA team patch agreements should increase the league's sponsorship revenue, which reached a record $1.46 billion for the 2020-21 regular season, according to estimates by IEG, a sports partnerships consultancy firm.
The NFL's new uniform number rules mean some NFL players are probably chomping at the bit to get into new unis for the 2021 season. While players changing numbers is definitely a possibility, sticker shock may drive players away.To get more news about replica custom nfl jerseys, you can visit custom-nfljersey.com official website.
Per NFL rules, a player has to buy out the existing inventory of uniforms in order to change his number for the 2021 season. According to Pro Football Talk's Mike Florio, Vikings running back Dalvin Cook is deterred from wanting to change his uniform number, because the cost sits at around $1.5 million.
PFT reports that players will have to not only buy out the existing uniforms, but buy them out at retail price - not the cost of production, which would be much cheaper. While Nike uniforms run at several different price points, that's still a hefty number to pay.
Of course, the more popular the player, the more uniforms will be in circulation, so that won't be the same price for any and every player. Players with less uniforms in circulation might not to pay as much, while some of the league's top jersey sellers might be in for Cook's price or higher.
If a player chooses to give notice to change his number for the 2022 NFL season, he won't have to pay anything, however.Several players, including Cook, Jalen Ramsey and Robert Woods have considered changing numbers for the upcoming season, but that price tag is a deterrent.
While the NFL approved a rule change that allows players to wear single-digit numbers, Buccaneers quarterback Tom Brady believes that change will be tough for offensive linemen protecting quarterbacks.Brady posted a photo to his Instagram story saying, "Good luck trying to block the right people now, going to make for a lot of bad football."
Under the new guidelines, which were proposed by the Chiefs, running backs, tight ends and wide receivers to wear jersey numbers from 1 to 49 as well as 80 to 89. Defensive lineman can wear numbers from 50 to 79 and 90 to 99.
Linebackers are also permitted to wear numbers from 1 to 59 and 90 to 99. Defensive backs can wear numbers from 1 to 49. The league's rule change stemmed from Kansas City having a shortage of numbers in the 20 to 49 range during the 2020 season due to several jersey numbers retired in the franchise. Like the Chiefs, other teams could face similar issues in the seasons to come.