Memphis Grizzlies announce Robinhood Markets as team's new jersey patch partner

Memphis Grizzlies announce Robinhood Markets as team’s new jersey patch partner

Posted by Admin September 19, 2024 NBA

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Last season the Memphis Grizzlies were one of three NBA teams without a jersey patch. That will no longer be the case.

The Grizzlies are partnering with Robinhood Markets Inc., a financial services company that will serve as the jersey patch and official investing partner of the Grizzlies. Memphis will join the Washington Wizards as teams with a Robinhood jersey patch this season.

Robinhood’s logo will appear on the upper left chest of all Grizzlies uniforms this season and can also be seen on each baseline at FedExForum. The Grizzlies haven’t had a jersey patch since 2021 after a three-year deal with FedEx came to an end.

“We see the Grizzlies Grit and Grind spirit in our customers and it’s something we embody as a company to deliver some of the most innovative products in the industry,” Robinhood’s VP of Marketing and Communications Michael Goodbody said in a news release. “As Robinhood grows our NBA footprint, this partnership is a natural fit and will bring us into the world’s most famous arenas — at home and on the road.”

Basketball, an urban area and flexibility were among the areas that made Robinhood and Memphis a match, according to Grizzlies Vice President of Partnership Marketing Ted Roberts. Robinhood is based in Menlo Park, California. The company facilitates commission-free stock trading while also being involved in crypto and other financial areas.

The Grizzlies will begin preseason action on Oct. 7 against the Dallas Mavericks, and the first regular season game will be on the road versus the Utah Jazz on Oct. 23.

How Grizzlies partnership came together

When Roberts was hired by the team last December, one of his first assignments was to help the Grizzlies find a partner and jersey patch. Through referrals and his network, Roberts connected with Andrew Feinberg of Klutch Sports Agency. Roberts noticed that Klutch “had a pretty good record” despite some sports teams not having success by using agencies to represent them in finding jersey patch partnerships. Feinberg and Roberts later met over all-star weekend in Indianapolis, where an agreement with Klutch Sports was made. The agency later facilitated the partnership between the Grizzlies and Robinhood.

The plan has been in place for about two months now. Robinhood’s experience with the Wizards as a previous partner helped the process go smoothly.

“We got the deal done relatively quickly,” Roberts told The Commercial Appeal. “Everybody was good, and we decided to move forward.”

Financial impact on Grizzlies

Partnering with Robinhood should lead to more financial flexibility that could help the franchise thrive. Broadcast and player acquisitions were noted by Roberts as two areas of revenue sharing. As a small market team, Memphis relies on its partners to be major contributors, and that’s where Robinhood comes into play.

“It’s a significant piece of inventory that teams need and are looking for in terms of the revenue goals,” Roberts said. “When we don’t have that kind of inventory as a small market, it stings a little bit. So getting that, it’s a huge win for the organization.”

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Grizzlies and Robinhood community plans

The Grizzlies and Robinhood will also work together in the community, including partnering with Meals of Hope to package 60,000 meals for individuals in Memphis.

Among other things, financial programs will be an emphasis during the multi-year partnership.

“The commitment to financial literacy and making a difference in the community is fantastic,” Roberts said. “We really couldn’t be happier with the choice.”

Damichael Cole is the Memphis Grizzlies beat writer for The Commercial Appeal. Contact Damichael at damichael.cole@commercialappeal.com. Follow Damichael on X, formerly known as Twitter, @DamichaelC.