The Los Angeles Lakers have a new jersey sponsor, and he’s paid a hefty price for the 2.5 square inches of real estate.
Korean food company Bibigo will succeed e-commerce platform Wish as the Lakers’ new sponsor, the team revealed on Monday. You can see what the company logo will look like here:
According to Bill Shaikin of the Los Angeles Times, the Lakers’ deal with Bibigo is five years and $ 100 million. For reference, Wish’s deal was in the range of $ 12-14 million per year; Bibigo will pay at least $ 6 million more per year.
It’s no surprise that the Lakers, the team with LeBron James, a recent NBA Championship and one of the NBA’s biggest markets were the team that landed such a deal. The team carries enormous clout when it comes to NBA domestic broadcasts and social media footprint, not to mention its international reach.
The latter factor obviously played a big part in the deal with Bibigo, as the Lakers say their deal will make Bibigo their very first global marketing partner.
âThe Lakers are the # 1 team in the sport,â said Wookho Kyeong, marketing director of CJ CheilJedang, Bibigo’s parent company. âThe Lakers are more than just a basketball team. The Lakers around the world are a cultural icon, especially for young people. “
This global partnership stems from a recent NBA rule change allowing such deals, and it’s hard to imagine more teams won’t be interested.