FanDuel has "signed on as a sponsor" of the Hornets as part of an agreement "worth an estimated $300,000 to $500,000 per year," according to Erik Spanberg of the CHARLOTTE BUSINESS JOURNAL. Terms were not disclosed, but sources said that the value of the multiyear agreement is in the "mid-six figures." The deal gives FanDuel sponsorships with "13 of the 30 NBA teams and 16 of the 32 franchises in the NFL." FanDuel will "advertise in the arena, on the team website and by creating VIP experiences and giveaways such as going on a road trip with the team or playing on the Hornets’ home court before a game." Hornets Exec VP and Chief Sales & Marketing Officer Pete Guelli said that FanDuel "wanted to create a partnership that went beyond just advertising." Spanberg noted the Hornets over the past two years have "added corporate sponsors, increased rates and expanded relationships with several companies already aligned with the team." There have been "setbacks, too." Wells Fargo "dropped its sponsorship" with the team, and A-B InBev is "no longer a top-tier founding partner." Meanwhile, NFL Panthers Chief Revenue Officer Phil Youtsey said that the team is "in talks with DraftKings about a sponsorship that would begin with the upcoming season" (BIZJOURNALS.com, 7/27).
