When the Washington Wizards take the court Friday night against the Oklahoma City Thunder, players will be sporting new jerseys with Geico’s logo on the left shoulder.
Monumental Sports & Entertainment announced a multiyear deal Friday with the Chevy Chase-based auto insurance company to sponsor the jerseys of the Washington Wizards, Washington Mystics and the Capital City Go-Go.
The Wizards are one of the last NBA teams to sell off jersey space to a corporate sponsor, but Geico is the first company to have a patch on an NBA, WNBA and G-League team.
Here are five things you need to know about the deal:
What it cost — Terms were not disclosed, but these deals earn teams an average of $6.5 million per year over two years, according to Yahoo Finance. The two-time defending NBA champion Golden State Warriors signed a jersey patch deal with Japan-based e-commerce company Rakuten last year worth $20 million annually, but that also included naming rights to the team’s practice facility.…Read the full story from the Washington Business Journal.