Business

New Jersey Devils to place black-owned company logo on helmets

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PC. Subban # 76 of the New Jersey Devils rides against the Washington Capitals in a preseason match at the Prudential Center on October 4, 2021 in Newark, NJ.

Bruce Bennett | Getty Images

The New Jersey hockey team Devils and Prudential Financial announced Wednesday that the black-owned company logo will be featured on the helmets of players at 13 home games this season. The helmet patch, which is often used by companies for advertising, was donated to Prudential Financial.

As part of the expansion of sponsorship rights, Prudential will select a company to receive advertisements on the Devils players’ helmets starting December 8th and continue in 13 selected home games. The helmet patch will provide black-owned business in the arena and in TV commercials during the Devils games. Prudential is committed to providing marketing and finance advice to the selected company.

Patch donation combines incentives with devilish “Buy Black Program, “which was created to help minority-owned businesses in and around Newark, NJ, where the team is based. According to June data National Bureau of Economic Research

But last month Bloomberg reported that a new study by Robert Fairley, professor of economics at the University of California, Santa Cruz, shows that operations among black-owned companies have increased by 38% since February 2020.

Black self-owned business sign in the window of a local store, MisFits Nutrition, Queens, NY.

Lindsay Nicholson | Educational Images | Universal Images Group | Getty Images

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“We have a responsibility to use this platform to make change,” Devils president Jake Reynolds told CNBC on Wednesday. “As we know, black business faces problems on many levels. So the opportunity for us to embrace our brand and the platform that we need to have in order to build awareness is just the beginning of what we’re going to continue to develop. on.”

Last season, the NHL created a helmet patch asset to provide corporate partners with additional inventory to offset losses from the pandemic. Brands also skipped shows due to the shortened 2020-21 season.

Extending Prudential with Devils is part of a cutting edge offering, which means you don’t have to pay extra for it. Prudential is already paying Devils roughly $ 5 million a season to name its Newark arena. This deal costs approximately $ 105 million Expires in 2027.

The NHL kicked off its 2021-22 season on Tuesday with a pair of national games on ESPN, in which the reigning Tampa Bay Lightning faced the Pittsburgh Penguins and the Seattle Kraken against the Las Vegas Golden Knights.

The NHL changed media partners last April when it returned to ESPN and added Turner Sports to its over $ 1 billion deal. However, it is unclear whether the chosen black business will receive the national games as a donation.

But these deals will help the NHL and its teams bounce back from their defeats over the past two seasons. The Devils are one of many NHL teams whose value has dropped due to the pandemic. according to Forbes… The franchise is worth $ 530 million after a 4% decline in 2020. Revenue also fell to $ 152 million from $ 180 million.

The league is awaiting recovery during its new campaign. NHL Commissioner Gary Bettman said Sportsnet radio predicts the league’s revenue will “reach $ 5 billion this season.” “The vital signs are strong,” he said. “And all of our franchises are in good shape.”

Reynolds added: “We are very fortunate to have been able to see the restoration of the V-shape in our business.”

The Devils open the season at home against the Chicago Blackhawks on Friday.


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