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The Philadelphia 76ers have signed a new jersey patch deal with Bloom Energy. LeBron James' jersey is the most sought after jersey in the league. StubHub is selling more Sixers tickets than any other NBA team. The NBA season hasn't even started and the Philadelphia 76ers' signing of LeBron James is already paying off.
The 76ers will help open the NBA regular season on Oct. 20 with a game against the reigning champion New York Knicks. From a new jersey patch sponsorship to ticket and merchandise sales, the LeBron economy has already been a win for Philadelphia.
"[He is] from a basketball perspective, one of the greatest, if not the greatest, to ever play. So he's going to make that impact on the organization, and then from an economic perspective, all that stuff follows," said Tad Brown, CEO of Harris Blitzer Sports & Entertainment, which operates the Philadelphia 76ers.
One consulting firm, Boyd Company, projects the first full year of LeBron James with the Philadelphia 76ers could add $250 million to $430 million in total regional economic activity. James left the Los Angeles Lakers and signed with the 76ers this summer. Even Pennsylvania's governor recognizes the LeBron effect.
"You're going to have 41 home games with LeBron in South Philly, every game is going to be a destination for people to come, and I think it's going to be great for our economy...It's going to be really big for Philadelphia," Pennsylvania Gov. Josh Shapiro said in July. Bloom Energy recognized the national exposure that a figure such as James can bring.
The energy company announced on Monday that it will be the 76ers' new jersey patch partner, taking over from Crypto.com.
The annual value of the deal is more than $30 million — a "top two" deal in the league for a jersey patch sponsor, according to a source who asked not to be named because the discussions were private.
The 76ers described the multiyear agreement as "one of the most comprehensive and impactful patch partnership deals in the NBA," in the press release.
The deal will also bring a seven-figure community investment by Bloom Energy to the Greater Philadelphia region, the team said in a press release.
"We saw this as a groundbreaking opportunity for us. Very clearly, what happened during the offseason of them building a strong team with Jaylen [Brown] and then bringing on LeBron was a cherry on the top," said KR Sridhar, CEO and founder of Bloom Energy.
The Philadelphia 76ers have signed a new jersey patch deal with Bloom Energy.