Bumble has signed on to be the official jersey sponsor of the Los Angeles Clippers, becoming the 20th NBA team to take advantage of the 3-year pilot program. The female-led dating and networking app chose to align itself with the Clippers, in-part because of their reputation as a progressive organization; the team employs the league’s only female President of Business Operations (Gillian Zucker) and has several other women in key leadership positions. The Clippers will refer to the corporate logo on the front of the jersey as an “empowerment badge”, a symbol meant to promote gender equality and the advancement of workplace equality. The total value of the deal is said to be worth +/- $20 million.
Howie Long-Short: Unlike traditional dating apps, Bumble requires women to make the first move. Founder Whitney Wolfe Herd, launched the company in 2014 after claiming she was sexually harassed, stripped of her co-founder title and forced out of rival dating app, Tinder. Herd is no longer Bumble’s majority shareholder (Badoo owns 79%, Herd owns 20%), but she continues to run the company (26 million users) as CEO. Badoo (privately held) is reportedly seeking a sale that would value the company at $1.5 billion.
Fan Marino: Chelsea F.C. has the 2nd biggest jersey sponsorship deal (MANU) in the English Premier League, valued at over $275 million (5 years). How did they do it? They sent out an RFP to 33 companies, “appealed to the emotional side of CEOs” and initiated a bidding war. As a result, Yokohama Rubber (TYO: 5101) agreed to pay more twice the amount Samsung (SSNLF) had on the team’s previous deal.
Interested in Sports? Sports Business? Sports Finance? Sign-up for our free daily email newsletter list, here!