The Los Angeles Clippers forged a reported $300 million sponsorship with Aspiration, a so-called green financial services company.
The figure came from CNBC, which cited a source with knowledge of the agreement.
Aspiration recently entered an agreement to merge with InterPrivate III Financial Partners IPVF, a publicly traded special purpose acquisition company. At closing Aspiration becomes a listed company.
It’s been quite a 10 days financially for the NBA team. On Sept. 17, it announced a $500 million naming-rights deal with financial services company Intuit (INTU) - Get Intuit Inc. (INTU) Report, owner of TurboTax.
The Clippers broke ground on their new Inglewood arena earlier this month. It’s expected to cost $1.2 billion and open in 2024.
“The LA Clippers and Aspiration have announced a multiyear partnership that designates the world's leader in sustainability as a service solution for consumers and companies as the first founding partner of the Intuit Dome, the future home of the Clippers,” they said.
“Together, Aspiration and the Clippers are setting a new standard for social responsibility in sports by building the first climate positive arena and committing to programs that will make a difference in the fight against climate change.
Aspiration is based, in Marina del Rey, near Los Angeles. Its investors include actor Leonardo DiCaprio and former Clippers coach Doc Rivers, now coach of the Philadelphia 76ers.
It has raised $450 million to date, and the SPAC merger is valued at $2.3 billion, according to CNBC.
SPACs, or blank-check companies, are formed for the express purpose of finding and merging with an operating partner. The idea is to speed the operating company to the public markets and avoid the extended process of a traditional initial public offering.