New York-based brokerage Webull will be the Brooklyn Nets’ jersey patch sponsor beginning in 2021-22, as part of a multi-year, global marketing agreement that will also feature Webull on the New York Liberty uniforms, as well as the gear of the G League’s Long Island Nets and NetsGC of the NBA 2K League.
“This is our moment to let the world know that we are a player, a big deal in the retail investing world,” Anthony Denier, CEO of Webull Financial, said in a phone call. “Over the course of the past several years we’ve purposefully stayed under the radar in terms of our marketing and our profile, building the platform and building our customer base.”
The arrangement crowns Webull as the official online brokerage of the NBA franchise, and will include digital signage at all the Nets’ Barclays Center home games and integration across the team’s digital channels. The Nets and Webull will also collaborate on crafting STEM (science, technology, engineering and mathematics) programs for underserved communities in Brooklyn and elsewhere.
“We’re both New York companies, both with global aspirations, both with young and diverse fan and customer bases, so there’s just a lot of alignment between us, with really similar values,” said John Abbamondi, CEO of Nets parent BSE Global, in a phone call. “One of the things that makes this such a compelling partnership is… [that] we’ll be able to active that not only in New York City but across the globe.”
Until about two years ago, the NBA controlled the international marketing rights and sponsorship inventory for all its teams. The league now allows franchises to promote themselves outside of North America, make their own sponsorship deals and provide non-game content to sponsors’ own social media. “We have a global fan base, and we aspire to be a preeminent global sports brand,” said Abbamondi.
Webull is a zero-commission, mobile-focused brokerage founded in 2018. It’s a subsidiary of China’s Fumi Holdings, a technology company started in 2017 by entrepreneur Anquan Wang, a former Alibaba executive, with VC backing from Xiaomi and other companies. In addition to U.S. brokerage services, Webull has offices in six international cities and provides market data from 31 countries to customers globally.
The terms of the deal, including length and value, aren’t being disclosed by the organizations. Last week, the Philadelphia 76ers inked a multi-year patch deal believed to be worth more than $10 million annually. This past season, the Nets’ jersey patch was sponsored by Motorola, after three years with cloud computing provider Infor.
“We’re a New York company, and there’s no better combination than being on the best New York basketball franchise, being on their jerseys,” added Denier.