The Cleveland Cavaliers agreed to terms on a jersey patch sponsorship deal with hometown steel manufacturer Cleveland-Cliffs.
Cleveland-Cliffs is traded on the New York Stock Exchange under the ticker symbol "CLF." It has a market cap of over $16 billion.
Cleveland-Cliffs would get increased national exposure if the Cavaliers make the playoffs, as postseason berths mean more television impressions for jersey patch partners. In this new agreement, Cleveland-Cliffs will get in-arena signage at Rocket Mortgage FieldHouse, building off its current sponsorship deal with the team, which features an arena entrance naming rights slot. However, Cleveland-Cliffs will not obtain the Cavs' practice jersey patch asset or virtual floor signage for local broadcast games. Teams can package those assets in jersey patch deals to increase value.
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