The L.A. Lakers are adding some Asian fusion to their jersey after the top Korean food company paid a high price to sponsor the team.
The $100 million deal marks the first with a North American sports team for Bibigo, which has previously sponsored a PGA tour event and several national teams competing in the Olympics, according to Yahoo Sports.
"The Lakers are the No. 1 team in sports,” Wookho Kyeong, chief marketing officer of CJ CheilJedang said, according to Yahoo Sports. “The Lakers are more than just a basketball team. The Lakers, globally, are a cultural icon, especially for young people.”
CJ ChilJedang is the parent company of Bibigo.
According to Yahoo Sports, on average, NBA jersey patches have sold in a range of $7 to $10 million per year.
With the Lakers counting more social media followers (estimates of 60 million) than any other NBA team, Bibigo said having access to that base was critical in closing the deal, according to Yahoo Sports.
The sponsorship follows a new three-year trial of a partnership program where NBA teams are allowed to sell global marketing rights to new sponsors outside of the U.S. and Canada with a limitation of two international sponsors.
According to Bibigo's website, the name "Bibigo" originates from the Korean word "mix" linked up with the word "go" for products that are "definitely worth sharing."