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Lakers, Bibigo Agree to Reported 5-Year Jersey Sponsorship Deal Worth More Than $100M

Joseph Zucker@@JosephZuckerFeatured Columnist IVSeptember 21, 2021

LOS ANGELES, CA - MAY 27: LeBron James #23 and Anthony Davis #3 of the Los Angeles Lakers look on before the game against the Phoenix Suns during Round 1, Game 3 of the 2021 NBA Playoffs on May 27, 2021 at STAPLES Center in Los Angeles, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2021 NBAE (Photo by Adam Pantozzi/NBAE via Getty Images)
Adam Pantozzi/NBAE via Getty Images

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.

Los Angeles Lakers @Lakers

Lakers 🤝 <a href="https://twitter.com/bibigoUSA?ref_src=twsrc%5Etfw">@bibigoUSA</a><br><br>We’re proud to introduce our new patch partner and first ever global marketing partner. <a href="https://t.co/xwxUPQOgtV">pic.twitter.com/xwxUPQOgtV</a>

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."