Why is Bibigo on the Lakers' jerseys? Breaking down Los Angeles' sponsorship deal with Korean company

The Lakers are already one of the most valuable franchises in the NBA, but the rich are just going to keep getting richer.

Los Angeles agreed to a new partnership with Korean brand Bibigo before the start of the 2021-22 season. The Lakers' jerseys currently feature the Bibigo logo, giving the company much more visibility and the team an additional revenue stream.

Here's a breakdown of the Lakers' deal with Bibigo, plus a complete list of NBA jersey sponsors entering the 2022-23 season.

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What is Bibigo?

Bibigo is a global food brand that falls under the umbrella of the CJ Group, a conglomerate based in Korea.

Per the Lakers and Bibigo official partnership page:

Their name, bibigo, combines the Korean word "bibim," from a long cultural tradition of "mixed" flavors, with the English word "go." Brand offerings include a full assortment of snacks and appetizers, including Mandu, the brand's signature dish.

Inspired by authentic recipes, bibigo makes the sought-after tastes of Korean cuisine easily accessible with popular dishes that can be found in most major grocery chains.

Why is Bibigo on the Lakers' jerseys?

The Lakers signed a multi-year deal with Wish, an e-commerce company, in 2017. After that partnership ended, Bibigo jumped in as the team's next jersey ad sponsor.

How much is Bibigo paying to be on the Lakers' jerseys?

The five-year contract between the Lakers and Bibigo is worth more than $100 million, according to the Los Angeles Times' Bill Shaikin.

In December 2020, The Athletic's Bill Shea reported that the average value of an NBA jersey patch deal was in the $7-10 million range, so the average annual value of $20 million for the Lakers is certainly on the higher end of the spectrum.

When was Bibigo added to the Lakers' jerseys?

The Lakers and Bibigo officially announced their partnership in September 2021. The deal reportedly runs through the 2025-26 season.

Full list of NBA jersey sponsors

Twenty-six teams are currently participants in the NBA's Jersey Patch Program. The Grizzlies, Knicks, Trail Blazers and Wizards are the only teams still seeking new deals.