The Cleveland Cavaliers and Goodyear Tire & Rubber Co have reached an agreement that will place the company’s “Wingfoot” logo on players’ jerseys starting in the 2017-18 season, the two Ohio-based organizations said yesterday.
The deal is the latest to be announced as part of the NBA’s three-year pilot program to sell ads on uniforms.
During a press conference today, Goodyear CEO Rich Kramer explained why his company is partnering with the Cavs.
Neither Goodyear nor the Cavs revealed how much the deal cost. But it was reported the deal is worth more than $10 million a year.
“Every Akron kid grew up seeing the Wingfoot in the sky on the blimp and feeling pride in our community, here is something special for me personally about having that logo on the Cavs uniform."
Akron native and four-time NBA Most Valuable Player LeBron James said in a statement.
The NBA last April became the first major North American sports league to announce plans to put ads on jerseys in a move that opens up a significant new revenue stream.