The New York Yankees have built one of the most iconic sports brands in the world.
The Major League Baseball franchise is worth an estimated $6 billion, according to Forbes, making the club one of only five franchises around the world worth at least $6 billion.
DON'T MISS: MLB Commissioner Gives League's Explanation for Discouraging Pride-Themed Uniforms
The team makes money hand over fist thanks to its brand, and now the Yankees are cashing in on that brand.
The New York Yankees announced that Starr Insurance has become the team's signature partner, meaning that the company's logo will appear on the sleeve of the team's jersey.
The New York Yankees are proud to welcome Starr Insurance as our new signature partner. @StarrCompanies pic.twitter.com/urjpUp7dy5
— New York Yankees (@Yankees) July 12, 2023
The Steinbrenner family, which has been in charge of the Yankees for generations, brought in gross revenue of $657 million, according to Forbes, with an operating budget of about $16 million.
Even with the $262 million the team spent on players who took the team to the cusp of the World Series, the Yankees made a ton of money last year without putting an advertising patch on their famous pinstripes.
Fans let the Yankees social media team know how they felt about the change.
The Yankees shouldn’t put ads on their uniforms
— The Giants Nation Podcast (@GiantsNationPod) July 12, 2023
A) They don’t need the money
B) They are the Yankees
Ads on jerseys is a bad idea . They will look like soccer jerseys soon.
— Father Rosado (@FatherRosadoNY) July 12, 2023
Y’all really ruined the pinstripes pic.twitter.com/RHW69EYrS4
— BJ (@TheYanksZoo__) July 12, 2023
Others were optimistic that the added revenue stream will pay off in free agency.
Is this the patch that pays for Ohtani?
— BAT1STA (@BAT1STA) July 12, 2023
The Yankees are now the 13th MLB team to have a jersey sponsor with the Starr Insurance patches set to debut on July 21.
So while sponsorship patches in MLB are not new, the idea of the Yankees of all teams having them is a bit jarring for fans.
The team still doesn't have names on the back of their jerseys as a nod to their seemingly old school ways. Players on the team must adhere to a strict grooming policy that does not allow for any hair to be longer than the collar of the jersey and no facial hair is allowed other than a mustache.
For a team with such strict rules, slapping a Starr Insurance logo patch on the jersey seems hypocritical.
Even if the deal with Starr will reportedly pay the Yankees $25 million a season through 2031.
