Sphere Entertainment Deemed Partner for Knicks Jersey Patch
Sphere Entertainment, the company managing the Sphere entertainment venue in Las Vegas, has declared its partnership as the official jersey sponsor of the New York Knicks basketball team.
Starting from their 2023-24 season, the Sphere logo will feature prominently on all Knicks' jerseys, both home and away. Additionally, it will be seen on their practice jerseys, warm-up shirts, and merchandise sold at Madison Square Garden, their home venue, and at Shop.MSG.com. The deal's financial specifics have not been disclosed.
This collaboration merges two internationally renowned brands- a groundbreaking venue that's transforming live entertainment experiences and an iconic sports franchise. David Hopkinson, Madison Square Garden Sports Group's President & COO, commented in a statement, "This partnership combines two globally-recognized brands—a cutting-edge new venue redefining how people experience live entertainment; and one of the most illustrious sports franchises—to create an innovative union at the crossroads of sports and entertainment."
The Knicks kick off their 2023-24 season on October 26 with a match-up against the Boston Celtics.
The Rationale Behind Knicks/Sphere Connection
The connection between Sphere Entertainment and the Knicks makes this jersey patch partnership an apt fit for both parties.
Sphere is a brand borne out of a breakaway by Madison Square Garden Entertainment Corp., and it holds Madison Square Networks, which airs Knicks games. In addition, Sphere has Tao Group associated with it. Contrasting Madison Square Garden Sports Sports Corp., which was carved out from Madison Square Garden Entertainment in 2020, sports Knicks and New York Rangers, and their respective G League and AHL affiliates.
James Dolan, who heads all of these entities, is also the Knicks' and Rangers' owner. The Knicks, valued at an estimated $6.58 billion, figure as the NBA's second-richest franchise after the Golden State Warriors. In its debut, the Sphere attracted 20,000 fans for a U2 concert on September 30.
Joined Venture of Sphere in NBA Patch Trend
For the 2017-18 season, the NBA became the first sport to allow teams to capitalize on jersey advertising. Over the next year, 26 out of 30 teams, or 86% of the entire league, featured advertising patches on their game apparel, increasing their revenue sources.
Though the Knicks are a historically acclaimed franchise, set in the nation's largest city and the media hub, they lacked a jersey partner in the last season.
In the 2022 season, nearly 46% of the jersey patch sponsors were financial services companies, while more than 20% were e-commerce or tech businesses. Sphere becomes the single company with direct Las Vegas ties to be an NBA jersey sponsor.
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