The Cleveland Cavaliers have formally announced their jersey sponsorship agreement with the Goodyear Tire & Rubber Company.
The reigning National Basketball Association (NBA) champions will sport Goodyear’s ‘Wingfoot' logo on a patch on their jerseys from next season after signing a multi-year deal.
The agreement, announced by the team on Monday but first rumoured back in February, will also see Ohio-based Goodyear work with Turner Sports, an NBA broadcast partner, to create branded content and national advertising highlighting the company’s partnership with the Cavs.
Turner Sports will thus serve as ‘the official media partner’ of the deal, according to a Cavs statement.
While financial terms have not been released, jersey sponsorship deals in the NBA - which will be introduced for the first time next season under a league-sanctioned pilot scheme - are understood to be worth between US$5 million and US$10 million a year.
“It was just meant to be that a global iconic brand like Goodyear is our neighbour headquartered in Akron, Ohio, and shares the same DNA of basketball, community purpose and drive for success as the Cavs,” Len Komoroski, the Cavaliers chief executive, said in a statement.
“The treads and threads of this partnership are real, and we couldn’t be more proud to wear the Goodyear Wingfoot and come together to champion Northeast Ohio.”
Goodyear has a history of supporting basketball - in the 1930s, the company was a founding partner of the National Basketball League, a precursor to today’s NBA, with the Goodyear Wingfoots claiming the first NBL title in 1937.
The Cavs’ deal with Goodyear sees the team become the sixth franchise to formally announce a jersey sponsorship agreement, following the Utah Jazz, Brooklyn Nets, Philadelphia 76ers, Boston Celtics and Sacramento Kings.