In its IPO filing on Tuesday, Chime Financial disclosed that it paid the Dallas Mavericks of the NBA approximately $33 million over a three-year period to have its logo displayed as a patch on player jerseys.
The jersey contract, as well as “certain other sponsorship and promotional rights,” was finalized by the Mavericks in 2020; however, the terms were not disclosed. At the time, CNBC reported that the NBA’s patch sponsorships varied from $2 million to $20 million per season, contingent upon the scale of the market, according to an NBA official.
Chime, a San Francisco-based fintech company that offers online banking services such as direct deposit and credit cards, intends to make its Nasdaq debut in the near future. Cynthia Marshall, who served as the Mavericks’ CEO from 2018 to December of the previous year, is a member of Chime’s board. Consequently, the company submitted documentation regarding the arrangement in its related party transactions section.
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According to the organization, the Mavericks received $10.5 million in 2022, $11.5 million in 2023, and $11.2 million last year.
Marshall informed CNBC in 2020 that the team’s decision to choose Chime for its jersey patch was a result of the team’s pursuit of an official sponsorship position, which was included in the agreement. The Mavericks’ home games are performed at American Airlines Center, where the logo is prominently displayed.
Marshall stated, “We desired an organization that was expanding and performing well.” “It is an ideal match.”
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After the Mavericks stunned the NBA world by winning the draft lottery and the opportunity to draft presumed top pick Cooper Flagg from Duke University, Chime’s IPO filing was announced the following day. Based on their standings, the Mavericks had a mere 1.8% likelihood of securing the top decision. On Wednesday, ESPN reported that the Mavericks intend to draft Flagg and are not contemplating the possibility of trading him.
A front office and ownership team that have been subjected to widespread criticism for months since trading franchise cornerstone Luka Doncic in February, which resulted in the return of aging star Anthony Davis, were remarkably fortunate to experience this turn of events.
In 2023, Mark Cuban, the Mavericks’ longtime proprietor, transferred a majority stake in the team to Miriam Adelson and her family, the owners of a casino.
In October, the Mavericks announced a multi-year extension to their Chime agreement, which will allow them to more extensively promote the brand and the company’s products. According to a press release from the team, Chime Lane is a new feature that includes “a dedicated entrance featuring exclusive benefits for Chime members during Mavs games and select events at AAC.”
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