This is an ongoing story. It will be updated.
Stifel Financial Corp., a St. Louis-based financial services company, already has its logo displayed on the jerseys of a St. Louis-based professional sports team. Now, it will appear on another.
Stifel, NYSE: SF will sponsor the St. Louis Cardinals' jerseys in a seven year deal. The logo of Stifel will appear on the sleeves of their players' jerseys. The Stifel patch will appear on the jerseys of the Los Angeles Angels in the first game.
The new jersey sponsorship is a result of the new collective bargaining agreement signed by MLB in March 2022, which allows teams to sell advertisements in the form a 4-by-4 inch patch that will be displayed on the sleeves of player jerseys. Stifel's patch will be slightly smaller at 4 inches by 1 and a half inches, according to the team. The Stifel patch will be placed on the left sleeve, the right for left-handed batters, the glove side sleeve, the right for managers and coaches.
Stifel's sleeve patches will be featured on all Cardinals jerseys with Nike branding, according to the team. Stifel will be partnering with the Cardinals to provide promotional, hospitality, and signage at Busch Stadium.
Stifel Financial Services, a downtown financial services company, has already paid for its logo to be placed on a local jersey. In April, it signed a five-year contract with the St. Louis Blues for its logo to appear on the front of both the home and away jerseys. The deal will begin with the National Hockey League's 2022-23 season. The financial terms of the deal were not revealed.
DeWitt said last year that the Cardinals see the jersey patch like a stadium deal. The team wants a "good partnership who you feel will be with you for the long haul'. It is also viewed as being as prominent as a stadium agreement due to its location near the iconic Birds-on-a Bat that graces the front of Cardinals' uniforms.
The Cardinals could benefit from a new capital source in the form of a jersey sponsor. This is especially true at a moment when the television rights fees that are one of their biggest revenue drivers, face uncertainty following the March bankruptcy filing of Bally Sports Midwest, the parent company.
Last week, the Cardinals' quest for another revenue source ended in disappointment when it became apparent that Missouri lawmakers would again ignore legislation to legalize sport betting. DeWitt stated that this development caused "extreme frustration" to the team.