LA Lakers land $100 million sponsor deal with Bibigo
The Los Angeles Lakers unveiled their new jersey sponsor. It comes with a hefty price tag for its 2.5 square inches logo.
As the team revealed on Monday, Korean food Bibigo is the successor of the online shopping platform Wish. Bibigo is known for its South Korean business of sauces, dumplings, and frozen meals.
According to sources who know the deal but aren’t allowed to discuss the terms publicly, the Lakers’ five-year deal is worth more than $100 million. While Wish’s agreement with the LA Lakers was at $12-14 million per year, Bibigo will pay $6 million more on the yearly range.
Lakers 🤝 @bibigoUSAFEATURED STORIES
We’re proud to introduce our new patch partner and first ever global marketing partner. pic.twitter.com/xwxUPQOgtV
— Los Angeles Lakers (@Lakers) September 21, 2021
The Athletic said that NBA jersey patch agreements have sold for an average range of $7 million – $10 million per year.
Bibigo’s chief marketing officer Wookho Kyeong said, “The Lakers are the No.1 team in sports. The Lakers are more than just a basketball team. The Lakers, globally, are a cultural icon, especially for young people.”
— Los Angeles Lakers (@Lakers) September 21, 2021ADVERTISEMENT
With a team of legendary players like Lebron James, it’s not surprising the LA Lakers landed such a huge deal. While the Lakers have a recent championship title, they’re also one of the NBA’s enormous markets. The name of the team alone carries a major impact on NBA broadcasts and social media influence.
The LA Lakers’ president of business operations, Tim Harris said that the Bibigo agreement was backed up by the current changes in NBA rules. It now allows NBA teams to include their logos in global business deals.
The LA Lakers say they’re new to this kind of deal. It’s their first time dealing with a global marketing partner like Bibigo.
Along with the familiarity that the Lakers have 60 million followers on social media alone, Kyeong is confident about the deal. Kyeong added that the LA Lakers’ large social media base is vital to Bibigo’s plans. As they’re planning to expand outside Asia and North America.