Big Law

The Brooklyn Nets Make a $30 Million Per Year Jersey Deal With Webull

The Brooklyn Nets on Monday landed one of the National Basketball Association’s top jersey patch sponsorships with New York-based brokerage platform Webull, the parties told CNBC.

Terms of the agreement for the jersey patch weren’t announced, but people familiar with the agreement told CNBC it’s a multiyear pact that pays the Nets roughly $30 million per year. Since the NBA started its jersey patch asset in the 2017-18 season, the Golden State Warriors had the most expensive deal at $20 million per season with Japan-based e-commerce company Rakuten.

Webull is an online trading platform headquartered in New York and owned by Chinese holding company Fumi Technology. It competes with online brokers like Robinhood with its commission-free offerings and is valued at $1 billion, according to PitchBook.

Read the source article at cnbc.com

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