With Giannis Antetokounmpo re-signed, Bucks will likely get $10-15M from a jersey patch sponsorNBAE/GETTY IMAGES
Following Bucks F Giannis Antetokounmpo's decision to re-sign with the team, the "'Giannis effect' went into overdrive, especially around a critical asset," the team's jersey patch, according to Jabari Young of CNBC.com. Bucks Senior VP/Business Development & Strategy Matt Pazaras said that the new deal "'has created a lot of activity' around its patch." Young noted the team patch deal with Harley-Davidson "expired after last season." Bucks President Peter Feigin last month said that the team was "close to securing a new sponsor for the patch, which he expected to be done this month." But after Antetokounmpo agreed to a five-year, $225M extension, Pazaras said that "demand to sponsor the new patch has increased and the team is back to soliciting sponsorship offers." Before the extension, Pazaras said that potential sponsors "were in 'wait and see' mode about signing a long-term patch deal with the team, fearing the value wouldn’t be there if Antetokounmpo bolted for free agency" in '21. Young noted the Bucks "will likely command" $10-15M with Antetokounmpo now secure, and "expect that national TV trend to continue with the international star." The Bucks hired Chicago-based research and evaluation firm Navigate, which tracks the effectiveness of their patch impressions to "provide data to sponsors." The Bucks "will likely structure their new deal to include bonuses that companies will pay for postseason presence." Pazaras said that the team has "roughly 30 companies eyeing the Bucks’ patch and five companies are in 'serious conversations'" (CNBC.com, 12/18).
PLAYING CHICKEN: YAHOO SPORTS' Jack Baer noted Cream City Cluckery, Milwaukee’s newest downtown chicken restaurant, is a "ghost kitchen owned and operated" by the Bucks, "created in the wake of the pandemic that has kept fans out of Fiserv Forum." Bucks VP/Hospitality Justin Green said that the concept is "doing quite well." He added that the idea "came as reality set in that the pandemic was going to last for at least several months." Baer noted without "millions in revenue from Bucks games and concerts," the team "had to get creative." Once the organization "decided to get moving on the food concept in June, progress was swift." Rather than "sell the chicken tenders typically served at Bucks games," Bucks head chef Kenneth Hardiman "created a new recipe a little more worthy of standalone restaurant status." Since opening on July 8, Green said that business is "strong enough that the team is looking into opening a brick-and-mortar location once the pandemic is under control" (SPORTS.YAHOO.com, 12/18).
