Hornets score new jersey patch sponsor in Judi Health
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Photo: Courtesy of the Charlotte Hornets
The Charlotte Hornets have named Judi Health, formerly Capital Rx, as their new jersey patch sponsor.
Why it matters: The team's new $3.25 billion partner is a New York-based health technology company that plans to expand its presence in the Charlotte area — and a jersey patch is one way to increase visibility and brand awareness.
Context: The multi-year deal comes after a season of the team playing without a jersey patch partner. The team's prior jersey patch sponsor was Feastables, YouTube star MrBeast's snack company.
- Terms of the Feastables deal were not disclosed, and it's not clear why the deal ended after one season. LendingTree served as the team's first jersey patch sponsor from 2017-2023.
- The Hornets' deal with Judi Health is expected to extend beyond the current agreement, Hornets co-owner Rick Schnall told reporters Wednesday.
- "You will not see [Judi Health] leave us next year or the year after that, frankly," Schnall says.
By the numbers: Jersey patch sponsorships generate millions in revenue for teams. For markets like Charlotte, that can range from $3.5 million to $9 million annually, CBJ reported.
- While the team declined to share the financial terms or length of the deal, Schnall described Judi Health as one of the organization's biggest sponsors.
Between the lines: Judi Health is a software development company that focuses on health benefits management. The company, which has roughly 1,200 employees, also has an office in Denver, and plans to open an office in Charlotte, Judi Health CEO AJ Loiacono told reporters.
- "We can easily see a significant portion of our growth, and even some of our existing employees that are are in the Charlotte area, join us in the new office," Loiacono says, adding they'll work with the city of Charlotte and the Hornets to find what he calls "the appropriate home."
- Loiacono would like to see the office in Uptown with roughly 200-250 employees here.
The big picture: Two years ago, Michael Jordan sold his majority stake in the team, and fans are starting to see the impacts of fresh leadership. The goal is to create a "whole new culture," Schnall said
- The Hornets ownership group, which is also led by businessman Gabe Plotkin, has made a point of pushing projects forward and bringing in fresh leadership, from the business side to the coaching staff.
- They've also kept people essential to the organization, like Donna Julian, HSE chief venues officer. Julian served as the general manager of Spectrum Center Uptown arena since the building opened in 2005.
What's next: Spectrum Center will reopen after $245 million in renovations on Oct. 19, and the team is currently building a standalone practice facility across the street from the arena.
The bottom line: "We're going to be the team that the city deserves," Schnall says.
