What we know about the closure at London's Heathrow Airport
A possible $70,000 tariff bill has America’s largest limoncello maker on edge
UK shares slump as Heathrow shutdown disrupts airline stocks
Russia holds key rate at 21% as inflationary pressure remains high
Japan becomes first country to qualify for 2026 men’s World Cup
By Federico Maccioni
DUBAI (Reuters) - Emirates airline has forged a multi-year sponsorship deal with America's NBA basketball league, it said on Thursday, as the carrier seeks to raise its profile in the United States.
The airline, part of Dubai's state-owned Emirates Group, has long been a sponsor of high-profile sports including some of the world's most famous soccer clubs, with Real Madrid, Arsenal and AC Milan featuring the airline's logo as the main sponsor on their kits.
"Our eyes have always been on the NBA," said Emirates executive Boutros Boutros, during an event at the airline's headquarters. The event was attended by NBA Hall of Famer Isiah Thomas, who won two NBA championships as a point guard with the Detroit Pistons in 1989 and 1990.
The NBA's deputy commissioner and Chief Operating Office Mark Tatum said that the NBA in-season tournament will be renamed the Emirates NBA Cup from next season and referees' kits will feature the airline's logo starting from this year's All-Star Game.
Neither executive disclosed the value of the deal, but Boutros said that the deal would generate $500 million a year in advertising revenue according to the company's estimates.
Middle East sovereign wealth funds have also invested hugely in sports in recent years.
Saudi Arabia's PIF, which is chaired by the crown prince, the kingdom's de facto ruler, made massive investments in soccer including an 80% stake in UK Premier League club Newcastle United.
Saudi Arabia also brought some of the biggest names in the sport to its top domestic league and has invested heavily in golf, Formula One, boxing and tennis.
Last June, the Qatar Investment Authority (QIA) bought a passive minority stake in the parent of NBA's Washington Wizards and NHL's Washington Capitals.
Asked about the QIA deal and Middle East sovereign wealth funds turning their attention to NBA teams, Tatum said that interest was "amazing".
"We know there have been other discussions with our teams and sovereign wealth funds in the region and outside the region as well," he said.
"People now are looking at sports as an investment, as an asset class and I think we are going to continue to see that," Tatum added.
(Reporting by Federico Maccioni; Writing by Tala Ramadan and Nadine Awadalla; Editing by Michael Georgy, David Goodman and Susan Fenton)
