The Brooklyn Nets on Monday landed one of the National Basketball Association’s top jersey patch sponsorships with New York-based brokerage platform Webull, the parties told CNBC.

The terms of the jersey patch agreement were not disclosed, however people who are familiar with it said that the multiyear agreement pays approximately $30 million annually to the Nets. In 2017, the NBA began its jersey patch asset. The Golden State Warriors were the first to sign the $20 million-per-season deal with Rakuten, a Japan-based online e-commerce firm.

Webull is an online trading platform headquartered in New York and owned by Chinese holding company Fumi Technology. PitchBook estimates that it is worth $1 billion and competes against online brokers such as Robinhood.

Webull receives the Nets jersey and rights to international and local use of the Nets’ intellectual properties outside North America with the Nets ownership agreement. Webull also will have a jersey presence on other BSE properties, including the WNBA’s New York Liberty, the NBA G League’s Long Island Nets, and NBA 2K esports team.

Webull takes over from Motorola which signed a jersey patch agreement with the Nets for 2020-21. That deal was utilized by the team as a way to recover money from fans who restricted their fan access and caused teams to lose 40% of their revenue. John Abbamondi, CEO of BSE called the deal “transformative” and said that the companies had matching consumer bases.

Abbamondi explained that Webull’s work in democratizing financial market access to younger investors aligns with their younger fan base. We have very similar DNAs, both in the cultures and customers of our businesses.

The Nets become the latest NBA team to secure a patch deal, joining the Portland Trail Blazers, which landed the NBA’s first cryptocurrency jersey patch via crypto platform StormX. And last week, the Minnesota Timberwolves landed a patch deal with digital security company Aura even though the franchise is in disarray amidst an ownership change.

Jersey patches are sought after by companies who have high national television exposure and large social media impressions. The Nets have three in Kevin Durant, James Harden, Kyrie Irving — and having a former All-Star in Blake Griffins helps, too.

In order to make this asset more appealing, the NBA increased patch sizes and allowed teams to take advantage of global rights. Abbamondi claimed that patch sales have increased due to the inclusion of an international element in the deal.

Abbamondi stated, “We looked for somebody who serves both the uniform and international pieces of this.” Webull was able to provide that service.

Webull will receive digital signage at Barclays Center, just like the other NBA jersey patch deals. Webull and the Nets will work together to boost STEM programs in underserved neighborhoods throughout the city. Webull is excited to announce its first ever sports partnership, the Nets agreement.

Denier, Webull’s CEO said that the company has been under radar for the past several years. Webull has become an important player in the brokerage industry, even though most people and investors have not heard of us. This is our coming-out party — us planting our flag in the ground to let the world know that we’re here. That works great with the Nets.

To prepare for the season 2021-22, other NBA teams will also open training camps this week. Abbamondi indicated that financial results are improving for the team after the devastating pandemic. The Nets made $280 million in revenue for the 2020-21 season, down from $304 million the prior year, according to Forbes.

Abbamondi stated that although it was obvious that the past 18 months have been difficult for live sports, he is optimistic about his future. “We anticipate that we will be available at all capacity this season as well as being fully vaccinated.

“As we sit here today, we’re number two in new season ticket sales, and our partnership business is very robust as well,” Abbamondi added. Although we recognize the difficulties Covid is presenting, our optimism about the business remains high.