Emirates airline announces sponsorship deal with NBA (updated)

Eagle Football SA

08/02/2024 08:09

(Adds details, background, quotes)
    By Federico Maccioni
       DUBAI, Feb 8 (Reuters) - Emirates airline has forged a
multi-year sponsorship deal with America's NBA basketball
league, it said on Thursday, as the carrier seeks to raise its
profile in the United States.
    The airline, part of Dubai's state-owned Emirates Group, has
long been a sponsor of high-profile sports including some of the
world's most famous soccer clubs, with Real Madrid, Arsenal and
AC Milan featuring the airline's logo as the main sponsor on
their kits.
    "Our eyes have always been on the NBA," said Emirates
executive Boutros Boutros, during an event at the airline's
headquarters. The event was attended by NBA Hall of Famer Isiah
Thomas, who won two NBA championships as a point guard with the
Detroit Pistons in 1989 and 1990.
    The NBA's deputy commissioner and Chief Operating Office
Mark Tatum said that the NBA in-season tournament will be
renamed the Emirates NBA Cup from next season and referees' kits
will feature the airline's logo starting from this year's
All-Star Game.
    Neither executive disclosed the value of the deal, but
Boutros said that the deal would generate $500 million a year in
advertising revenue according to the company's estimates.
        Middle East sovereign wealth funds have also invested
hugely in sports in recent years.
    Saudi Arabia's PIF, which is chaired by the crown prince,
the kingdom's de facto ruler, made massive investments in soccer
including an 80% stake in UK Premier League club Newcastle
United.
    Saudi Arabia also brought some of the biggest names in the
sport to its top domestic league and has invested heavily in
golf, Formula One, boxing and tennis.
        Last June, the Qatar Investment Authority (QIA) bought a
passive minority stake in the parent of NBA's Washington Wizards
and NHL's Washington Capitals.
   Asked about the QIA deal and Middle East sovereign wealth
funds turning their attention to NBA teams, Tatum said that
interest was "amazing".
        "We know there have been other discussions with our
teams and sovereign wealth funds in the region and outside the
region as well," he said.
        "People now are looking at sports as an investment, as
an asset class and I think we are going to continue to see
that," Tatum added. 

 (Reporting by Federico Maccioni
Writing by Tala Ramadan and Nadine Awadalla
Editing by Michael Georgy, David Goodman and Susan Fenton)
 ((Tala.Ramadan@thomsonreuters.com;))