The agreement was signed on Monday, the deal reportedly valued at $30 million per year, according to CNBC.
Another major agreement was seen last week when the Los Angeles Lakers signed a five-year jersey patch sponsorship deal valued at more than $100 million with the leading South Korean food brand Bibigo.
It has been observed that jersey patch deals have augmented sponsorship in the NBA by 70% since the 2016-17 season and endure to be a hot product.
Recently, Crypto.com inked a jersey patch deal with the Philadelphia 76ers for roughly $10 million yearly.
It has been reported that Monumental Sports & Entertainment, which owns the Washington Wizards, is looking for a new jersey sponsor with a base price of $12 million per year.
Brooklyn Nets are currently owned by Alibaba co-founder Joseph Tsai. He invested almost 49% controlling interest in the team in 2017 for $1 billion. Two years later, he attained the remaining 51% from the Russian billionaire Mikhail Prokhorov in a sale allegedly valued at $2.35 billion, which was considered to be a record price for a sports franchise.
According to Pitchbook, Webull, which is a subsidiary of Chinese holding company Fumi Technology is currently valued at $1 billion.