The LA Lakers recently agreed to a sponsorship deal with Cincoro Tequila, and the deal dictates that the Tequila company will get signage inside the team's stadium. The deal also dictates that a number of hospitality events will take place through the year.
Cincoro Tequila was founded in September by a number of NBA team owners, including Jeanie Buss who owns the LA Lakers. Other company founders include Wes Edens, owner of the Milwaukee Bucks, and Michael Jordan.
Tim Harris, The president of business operations for the LA Lakers, spoke about the sponsorship deal, "This is a great opportunity for the organization to work with an exciting new brand and we look forward to a successful future together."
Basketball Sponsorship Agreements
Cincoro Tequila and the LA Lakers Agreed to a Sponsorship Deal
Trend Themes
1. Basketball Sponsorship Deals - Opportunity for brands to collaborate with NBA teams and gain visibility through stadium signage and hospitality events.
2. Collaborative Ventures - NBA team owners, such as Jeanie Buss and Wes Edens, partnering with brands to create new ventures and opportunities.
3. Brand-influencer Partnerships - Ownership of NBA teams, like Jeanie Buss and Michael Jordan, utilizing their influence to launch and promote new brands.
Industry Implications
1. Beverage - Alcohol brands like Cincoro Tequila using sports sponsorship as a marketing strategy.
2. Sports - NBA teams forming partnerships with brands for sponsorship deals and mutual benefits.
3. Hospitality - Hospitality industry benefiting from events and collaborations facilitated by basketball sponsorship deals.