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In 2024, it was announced that NHL teams experienced a 10% growth in sponsorship funding across the season with US$1.4 billion. That was separate from the league’s own sponsorship deals, which are also posting healthy figures after securing huge deals with a number of partners. This all represents an exciting time for franchises and leagues alike, with healthy balance sheets across the board.
In fact, the headline figure put NHL teams behind only the NFL, MLB, and NBA in terms of sponsorship revenue in North America. In the case of the MLB and NBA, the difference was “only” US$100 million. The premier baseball and basketball leagues were tied at US$1.5 billion. MLS, however, was way behind with around half a billion dollars.
It’s clear to see that the NHL is in a strong position as we look forward. But what is it that is driving such spectacular growth, and what does it mean for the future?
Sportsbook Sponsorships and Major Financial Institutions a Boon
The best way to look at how individual teams’ sponsorships in the NHL have seen a positive uptick is to get to know exactly where the money is coming from. As far as professional sports leagues are concerned, the NHL has a fairly diverse range of sponsors. This is vastly different from sports like the soccer leagues in Europe, which are dominated almost exclusively by sportsbooks and casinos.
That isn’t to say that sportsbooks aren’t involved in ice hockey sponsorship, though. Betway, which is the top online gambling site in Canada according to gamezinger.com, agreed on a deal to sponsor the New York Islanders last year. It’s just that there is a surprisingly diverse sponsorship base, which means that the league isn’t wholly reliant on one industry.
Looking at last year’s data from yahoo.com, while financial services made up the bulk of sponsorship at US$240 million, a number of other industries had upped their outlay. In year-on-year growth, hotel, restaurant, and leisure sponsors were up the most, alongside telecom at 31%. It shows that growth isn’t necessarily being driven by the usual suspects and is much more of a democratic occurrence.
Competition Sponsorship Much Less Thrilling for NHL
It’s notable that while there has been a bit of movement in the sponsorship of individual teams, the sponsorship of ice hockey competitions is ever so slightly static. Much of the corporate sponsorship for the NHL has been a continuation of the norm. With the hierarchy looking to maintain a highly professional appearance, there’s little room for experimentation.
Since then, it appears that things have reverted to baseline, and sponsors like AWS are more likely to appear on league branding. That’s not to say that this is a negative for ice hockey. Instead, it shows self-sufficiency in the teams that the league isn’t required to rely on high-profile deals to keep its members propped up financially.
Room to Grow or a Glass Ceiling Achieved?
The big question will be where the teams go from here. Achieving record-breaking numbers is all well and good but continued success requires further growth. If the teams can’t deliver that year on year, they risk reaching a point of stagnation where funds begin to dwindle. Though, this doesn’t appear to be a major concern as the on-ice action does the talking.
At the time of writing, Alex Ovechkin is on course to set a new record in the NHL for goals scored. He is only seven goals behind Wayne Gretzky’s record and would surpass it with eight. That in itself has created sponsorship opportunities that many would have struggled to foresee at the beginning of the season.
Ticket prices are hitting new heights as people want to be there to see history made, and the league has granted exclusive rights to Monumental Sports & Entertainment to the audio and video of Ovechkin’s record-breaking goal if it is scored in a nationally-televised game, including Joe Beninati’s call of the goal. The NHL appears to be on a money train and long may it continue.
