For the first time in its history, the NBA is allowing teams to place a sponsor’s logo on their jerseys in the upcoming season.
So far, a third of the league’s 30 teams have inked sponsorship deals and will have a sponsor’s logo on their jerseys, including the Boston Celtics (General Electric), the Cleveland Cavaliers (Goodyear), the Orlando Magic (Disney), and the Philadelphia 76ers (StubHub).
On Wednesday, the Detroit Pistons became the 10th team to announce a jersey sponsorship, and their sponsor is one of the biggest names in the mortgage business – Flagstar Bank.
The Pistons and Flagstar announced a multiyear corporate partnership deal that will see every Pistons player’s jersey adorned with a Flagstar logo in every game this season and beyond.
Beyond establishing Flagstar as the Pistons’ first-ever jersey partner, the deal will also makes Flagstar the official banking and mortgage sponsor of the team.
The deal makes sense geographically, as Flagstar is the largest savings bank headquartered in Michigan and is also the fifth-largest bank mortgage originator in the country.
According to the Pistons and Flagstar, the partnership is more than simply adding a Flagstar logo to the team’s jerseys.
“This is a dynamic partnership between two organizations committed to building a better Detroit,” Pistons owner Tom Gores said.
“Beyond putting the Flagstar name on our Pistons jerseys, we will be partnering on an education initiative that will benefit schoolchildren in Detroit,” Gores said. “I'm really proud that this is more than just a business and marketing initiative. It's about working together to support the revitalization of our city.”
As part of the deal, Flagstar Bank will become the presenting sponsor of the Detroit Pistons Math Hoops community relations platform, a program that “helps students learn fundamental math skills through direct engagement with the real statistics of their favorite NBA players.”
According to a release, the program is currently in place at 40 local schools throughout the region and has “vast room for growth.”
The deal will also see Flagstar’s name on in-arena digital and static signage throughout the team’s new arena in downtown Detroit as well as in social, television and radio advertising.
“Like the Pistons, Flagstar is a community-focused Michigan organization committed to instilling pride in our region and contributing to its vitality,” Flagstar Bank President and CEO Alessandro DiNello said. “At Flagstar, we have a 30-year history of community involvement and investment. We're pleased to partner with the Pistons to bring good things to the community we share.”
Financial terms of the deal were not disclosed.
“Flagstar Bank is a premier Michigan-based company that shares our mission for providing unparalleled service to customers while making a difference in the community,” Palace Sports & Entertainment and Detroit Pistons Vice Chairman Arn Tellem said. “Our relationship with Flagstar will provide additional opportunity to engage fans and enhance basketball operations on and off the court in a way that does right by the city of Detroit and the region.”