The Memphis Grizzlies have announced a new multi-year partnership for the NBA club with online broker Robinhood Markets, Inc. (NASDAQ:HOOD), as the official investing and jersey patch partner of the Grizzlies. The Robinhood logo will be featured on the upper left chest of all Grizzlies uniforms beginning with the upcoming 2024-25 season.
The move comes as Robinhood has seen an upswing in its financial fortunes in recent months, with Robinhood setting revenue and profit records in its most recent quarter (Q2-2024), driven by rising Interest Income and increased crypto trading. Robinhood shares are up 87% year-to-date in 2024, sitting near a 52 week high.
Ted Roberts, Grizzlies Vice President of Partnership Marketing said,
“As an organization, we believe in pushing ourselves to deliver creative and meaningful partnerships to the Grizzlies community. Today, we’re excited to announce that Robinhood Markets, Inc., a progressive leader in financial services, will be the official investing and jersey entitlement partner of the Memphis Grizzlies. Never settling and challenging the status quo are characteristics of our organization and fans, and in Robinhood we have found a perfect match.”
Robinhood will also have prominent placement on the Grizzlies home court, with the logo positioned along both baselines. In addition to the patch and baseline position, Robinhood will receive significant visibility across the Grizzlies ecosystem through broadcast, social, and in-arena assets.
Michael Goodbody, Robinhood’s VP of Marketing and Communications added,
“Robinhood’s partnership with the Grizzlies is a strategic move, driven by a deep understanding of what our customers’ want and where they are. Robinhood is proud to be home to a new generation of investors. We see the Grizzlies Grit and Grind spirit in our customers and it’s something we embody as a company to deliver some of the most innovative products in the industry. As Robinhood grows our NBA footprint, this partnership is a natural fit and will bring us into the world’s most famous arenas – at home and on the road.”
Since its inception, Robinhood’s mission has been to democratize finance for all and has helped millions of people make their first investments. Robinhood is there for customers at every point along their financial journey with products from investing, retirement, crypto and digestible financial education.
KLUTCH Sports Group’s Global Partnerships division was hired to facilitate the deal throughout the process. “From the outset, both Robinhood and the Memphis Grizzlies shared a clear alignment of ideals, and we’re excited to help this relationship come together,” said Nicole Chaplin, KLUTCH Global Partnerships Executive.
To tip off the partnership, the Grizzlies and Robinhood are teaming up today, Sept. 19, to give back to the community with Grizz Take Action Day of Service, presented by Robinhood. In the spirit of service, Grizzlies and Robinhood employees will partner together with Meals of Hope to package 60,000 meals for the Memphis community.
