Goldman Sachs Sponsoring the NY Knicks
Although the most miserable months of my life (known as the NBA lockout) are over, the NBA is still dealing with a $300 million shortfall on their books. In what I believe to be an excellent idea, the NBA is now considering sponsorships to be featured on team jerseys as a way to raise revenues.
English Premier League teams have always featured sponsors on its jerseys- like Chelsea’s Samsung or Manchester United’s Aon (Man U’s prior sponsor was AIG, but after 2007, they had better places to put their cash than across Wayne Rooney’s chest). So why not take note from the highly profitable EPL and rake in the cash?
Hopefully, by the end of the April meetings, Boston’s Celtics could be replaced with Dunkin Donuts iconic logo. Following that same train of thought, the Lakers could easily stick a few Mercedes Benz stars across that famed purple and yellow.
NBA spokesman Michael Bass says the agenda is not yet set but that “sponsor logos on NBA uniforms is a subject of ongoing conversation.” Marketing experts say it’s only a matter of time. “When you look at the revenue streams left available, jersey branding is the most significant that hasn’t been exploited,” says David Abrutyn, head of global consulting at sports marketing firm IMG Worldwide. “It’s inevitable,” agrees Frank Vuono, co-founder of 16W Marketing.
Though, there are some folks that might benefit the most from the much-needed exposure. For instance, maybe Goldman Sachs could gain back a foothold at the top Tech advisory league tables by sponsoring the Golden State Warriors. So, while Jeremy Lin might have thought the days of considering a lateral into finance were over, he could soon be reppin' firms JP Morgan and Citi with a Knicks sponsorship.
What do you think? Should investment banks consider sponsorships? If so, they would only choose the most prestigious teams, right?