After three seasons with Intuit Credit Karma, the Rockets will have a new jersey patch sponsor when the 2024-25 NBA season begins this fall, the Houston Business Journal reports.
According to Gretchen Sheirr, president of business operations for the Rockets, jersey patch sponsorships trail only venue naming rights when it comes to partnership revenue sources for teams.
Starting with the 2017-18 season, the NBA was the first U.S. professional sports league to introduce jersey sponsorships. In 2018-19, Houston signed its first jersey patch deal with ROKiT Phones, and the franchise subsequently transitioned to Credit Karma in 2021.
According to the Houston Business Journal, an Intuit Credit Karma spokesperson said the sponsorship had been successful and mutually beneficial over the past three seasons.
The report indicates that owner Tilman Fertitta, general manager Rafael Stone, and head coach Ime Udoka recently held an event at the Post Oak Hotel to discuss the jersey sponsorship opportunity with local and national brands. But as of now, Houston is not currently in negotiations with any specific company regarding a deal.
According to a report from The Athletic in late 2020, NBA jersey-patch deals have ranged in average annual value from $7 million to $10 million. However, some are significantly larger, depending on the value of the franchise involved. For example, Golden State’s deal with Rakuten is believed to be worth $20 million annually.
Major League Baseball’s Astros signed a jersey-patch deal in 2023 with Houston-based oil and gas company Occidental Petroleum Corp. (OxyChem). The value of that isn’t yet known, though it’s worth noting that the Astros were reigning World Series champions at the time, which likely gave them significant leverage in talks.
