New Jersey Patch Deal Sees Los Angeles Lakers Profit Big Time

The Los Angeles Lakers have been in the news ever since free agency began. They are ready to go all out with the new names on their organization. However, with so much spending, how are the Lakers balancing it out? Well, their recent deal may be the answer to it all.

Recently, news broke as the Lakers unveiled their new jersey patch deal with a Korean food line company. The deal is one of the biggest for an NBA team and with good reason, according to the marketing officer for the company. Let’s look at the specifics of this deal.

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Lakers land big deal

The Los Angeles Lakers inked a five-year deal with Bibigo, a South Korean line of dumplings, sauces, and frozen meals. While other jersey patch deals are estimated to be around $7 million to $10 million per year, the Lakers are in a league of their own now.

Jun 3, 2021; Los Angeles, California, USA; The opening tipoff between Los Angeles Lakers center Marc Gasol (14) and Phoenix Suns center Deandre Ayton (22) during game six in the first round of the 2021 NBA Playoffs at Staples Center. Mandatory Credit: Kirby Lee-USA TODAY Sports

Their new deal with Bibigo will land them more than $100 million dollars over the next five years. This is by far the most for any team in the NBA, but it comes with its benefits as well. The Lakers are the biggest organization in terms of following. And with the recent rule change, companies can use team logos outside the USA.

Hence, Bibigo can now explain its partnership with the organization in a much better way and use it to their advantage. The company’s goal is to go global with this project according to Kyeong, who is the marketing officer of Bibigo’s parent company, CJ CheilJedang.

May 23, 2021; Phoenix, Arizona, USA; Overall view of Phoenix Suns Arena during the tip off between the Phoenix Suns against the Los Angeles Lakers in the first half during game one in the first round of the 2021 NBA Playoffs. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports

The Lakers’ social media following was a huge part in this deal. With aspirations to expand, this deal fits their plans perfectly. Kyeong said: “The Lakers are more than just a basketball team. The Lakers, globally, are a cultural icon, especially for young people.”

With this new deal, the Lakers will have a good financial standing. Hence, they could make moves going into the season as well. What do you think about this new deal? Let us know in the comments below.

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