Source: Mavs' Jersey Patch Deal Worth Just Under Eight Figures
The Mavericks agreed to a multiyear jersey patch deal with digital banking company Chime, which places its logo on the "left front shoulder strap of the team's uniforms," according to Mark Medina of USA TODAY. The sponsorship debuted during Trail Blazers-Mavericks on Friday, and a source said the deal is worth "just under eight figures." The source added that the Mavericks "plan to feature Chime in other signage throughout American Airlines Center." Among charitable components of the deal, Chime will "assist with" a Mavs program to "help local middle school and high school students become entrepreneurs." It is "not clear what led the Mavericks to end their partnership last year" with previous jersey patch sponsor 5miles (USA TODAY, 1/17). CNBC.com's Jabari Young cited sources as saying that the agreement is for "three years with an option to extend it to five years" (CNBC.com, 1/17). Cuban said, "It's so much more than the jersey patch. The jersey patch really just allows us to brag a little bit about who our new partner is." In Dallas, Brad Townsend noted Chime "bills itself" as the "leader in U.S. Challenger neobanks." A source "placed the deal's annual value among the top five of the NBA's jersey sponsorships." A source said that the deal has a "potential maximum value of more than" $47M (DALLAS MORNING NEWS, 1/18). Chime co-Founder & CEO Chris Britt said Mavericks Owner Mark Cuban "wouldn't do a partnership with someone that he wasn't really excited about, and he loves our products" ("Power Lunch," CNBC, 1/17).