Report: Yankees to Get Paid $25M Per Year for Jersey Patch; NYY Passed on $35M AAV

A company was willing to pay $35 million per year to the New York Yankees for jersey sponsorship patches, but the Bronx Bombers reportedly passed on that opportunity in favor of its previously announced deal with Starr Insurance Companies, which will fork over $25 million per year through 2030, according to USA Today's Bob Nightengale.

Darren Rovell of Action Network reported Wednesday that the Yankees received higher offers than Starr's but were "concerned about right fit."

New York announced on Wednesday that they reached a deal with Starr to become a signature partner of the team.

The Yankees already provided a look into how their home and away jerseys will appear with the new patches.

MLB's most recent collective bargaining agreement, which was agreed upon in March 2022, allows for teams to sport jersey patch and helmet decal sponsorships, per The National Law Review.

As of June 7, 2023, a total of 11 teams had finalized jersey patch sponsorships. Those teams include the Boston Red Sox, New York Mets and Houston Astros.