The Los Angeles Lakers won’t have much issue paying this year’s luxury tax. The franchise just closed a jersey sponsorship deal with global Korean cuisine brand Bibigo that is reportedly worth $100 million over five years.
The Lakers announced the sponsorship on their official social media, calling Bibigo their “first-ever global marketing partner”. The deal will include jersey sponsorship, courtside branding, social media campaigns, and various other joint ventures between the Lakers and the food company.
“As Korea’s leading food brand, Bibigo is always looking for opportunities to innovate and expand their brand, and the Lakers are excited to help them to not only expand their global recognition but to provide the opportunity to reach new fans,” said Lakers President of Business Operations Tim Harris in a statement via NBA.com.
The Lakers’ previous jersey sponsor was California-based e-commerce company Wish. The LA team partnered with Wish ahead of the 2017-18 NBA season, and the deal was reportedly worth $12 million to $14 million on an annual basis.
If the numbers are correct and the Lakers receive $20 million annually from Bibigo, that would be tied for the biggest jersey sponsorship deal in the league. The Golden State Warriors had the most lucrative deal in NBA until now, earning $20 million a year by wearing the Rakuten patch on their jerseys. Most other teams are earning between $7 million and $10 million from their jersey patches.
