The pinstripes are getting a patch.
The New York Yankees are seeking a sponsor for a corporate jersey patch that will be placed on the team's home and away uniform sleeve beginning in the 2023 season.
The Yankees have selected Legends, a company the team owns a stake in that offers commercial consulting services, to manage the search for the sponsorship, according to Forbes.
With the team electing to have Yankee Stadium remain one of the few major league venues without naming rights, the organization is seeking a multi-year jersey patch deal equivalent to that of a naming rights deal for a major sports franchise. The Los Angeles Lakers' recent naming rights deal with Crypto.com could exceed $35 million per year, per Forbes.
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“I would characterize the investment as a top-tier naming rights-type investment,” Chris Hibbs, president of Legends’ Global Partnerships division, told Forbes. “That’s fairly well known in North America, what a naming rights deal for a top-tier venue in a top-tier market goes for. We have those kinds of ambitions.”
The Yankees, the most valuable of all 30 MLB teams at $6 billion, likely have the highest earning potential for a jersey patch given their storied history, logo recognition and market size. The team also currently owns the best record in baseball at 62-26.
“I would say from a value perspective, you’re talking about the most successful franchise in maybe global sports, certainly North American sports,” Hibbs told Forbes. “They’re recognized universally…They’re a fashion brand to some. They’re an iconic baseball team to others. Putting a brand on the pinstripes for the first time ever is a super unique opportunity.”
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MLB announced earlier this year that the four-by-four inch patch can be placed on either jersey sleeve. Sponsorship deals must be a minimum of one year and all designs must be approved by the MLB Players Association. Alcohol, betting, and media brands are forbidden.
Few changes have been made to the appearance of the iconic Yankees' home pinstripe and road gray jerseys. The Nike swoosh was added to the front of the jersey for all teams in 2020 as part of a 10-year deal reportedly valued at more than $1 billion.
The San Diego Padres became the first Major League Baseball team to reach a deal with a jersey patch sponsor, signing a contract with Motorola in April.
The Los Angeles Dodgers announced in April that they hired a marketing agency to sell a jersey patch -- as well as the naming rights to Dodgers Stadium field, though not the stadium itself.
Major League Soccer and the WNBA have long permitted teams to sell advertisements on uniforms. The NBA began allowing jersey patches in 2017, and the NHL will allow roughly three-by-three inch patches beginning in the 2022-2023 season. The NFL does not allow sponsorship patches on team's gameday uniforms other than the manufacturer's logo.
