Los Angeles Lakers Land $100 Million USD Sponsorship Deal With Korean Food Company
Bibigo will be the new Lakers’ jersey sponsor.
Korean food company Bibigo will officially succeed e-commerce platform Wish as the Los Angeles Lakers‘ latest sponsor. The Bibigo branding will be seen on each players’ jersey.
It has been reported that the deal with Bibigo is set for five years and is worth $100 million USD with the Korean food company paying at least $6 million USD per year. With LeBron James leading the team and a championship contender, the Lakers franchise has become one of the NBA’s biggest markets when landing sponsorships and advertising. The team carries immense weight when it comes to the organization’s international reach and social media positioning. The Los Angeles Times has obtained a quote from Bibigo’s parent company, CJ CheilJedang, “The Lakers are the No. 1 team in sports. The Lakers are more than just a basketball team. The Lakers, globally, are a cultural icon, especially for young people.”
The global partnership is made possible due to the recent NBA rule change to allow its franchises to sell international sponsorship rights. It remains to be seen what other teams will follow in the footsteps of the Lakers. Take a look below at the new partnership and jerseys.
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