The Los Angeles Lakers announced a new sponsorship deal with South Korean lifestyle company Bibigo.
As part of the arrangement, Bibigo will replace e-commerce company Wish as the Lakers' jersey sponsor.
The Los Angeles Times' Bill Shaikin reported the Lakers will receive more than $100 million over five years as part of the partnership. The Athletic's Bill Shea reported last December that NBA teams earn on average $7 million to $10 million annually from jersey sponsorships.
The Golden State Warriors set the pace for jersey patches after penning a deal with Rakuten worth $20 million per year. The Lakers appear to be on track to surpass that number.
Shaikin noted the NBA only recently permitted teams to use their branding commercially overseas, which paved the way for Monday's news. Lakers president of business operations Tim Harris said how companies now "can use Lakers logos worldwide to enhance and explain and promote your association."
To that end, the Lakers said they'll work together with Bibigo on "community initiatives within Los Angeles and outside the US, with basketball court refurbishment projects and local community efforts."