MassMutual will reportedly be the latest company to have its logo appear on a major sports franchise’s uniforms.
According to Sports Business Journal’s Terry Lefton, the Springfield-based insurance company has agreed to a 10-year deal with the Boston Red Sox to secure rights to a patch on the team’s uniforms. MassMutual will reportedly pay $17 million per year, with “performance kickers” that could bump that up to $20 million a year, depending on how the team performs.
Lefton reports that the Red Sox are dismissing the news as a “rumor,” but also says other teams in the industry are treating the agreement as a done deal.
Lefton notes that there is only one other active jersey patch deal in MLB, a four-year deal worth $9 million a year between Motorola and the San Diego Padres.
While the sponsored jersey patch is a new development for MLB, it’s already a mainstay in the NBA. The Boston Celtics have had jersey matches for both GE and Vista Print. The Celtics’ initial deal with GE was reportedly a three-year agreement worth $7 million a year. The reported deal between the Red Sox and MassMutual shows a significant jump in both commitment and sheer monetary value in the patches.