General Electric and the Boston Celtics approved a multi-year deal to install the company's logo on team uniforms beginning the next season, according to Boston Globe. Terms of the deal, which was announced in January 25, were not revealed, but it is believed that GE will compensate $7 million to feature the GE logo on the Celtics uniforms.

"GE and the Boston Celtics both have rich histories of traditional and innovation and we're thrilled to bring these two iconic brands together in a way that will drive further success for the team and pride in the City of Boston," GE Chief Marketing Office Linda Boff said in a statement.

"The Celtics will become another key ally in GE's mission to help make Boston an epicenter of tech innovation."

As part of the sponsorship deal, the Celtics will obtain GE's data and analytics services to improve player performance, prevent players from injuries and optimize business.

"GE will be woven into the fabric of the Boston Celtics both literally and figuratively," Celtics president Rich Gothman said in a press release. "Their leadership in innovation, analytics, and technology will help us to be as competitive as we can be in everything from optimizing our facilities and equipment to player performance.

Simply put, GE will make us a better and smarter basketball team organization."

NBA franchises permit to get sponsorship logos from companies

The Celtics -- the 17-time NBA champion -- become one of the three NBA franchises to achieve a sponsorship deal with the corporate company. The Philadelphia 76ers became the first NBA franchise to obtain a sponsorship logo from resale ticket company StubHub. The Sacramento Kings became the second franchise to establish the Blue Diamond Almonds logo on their jersey.

Did you really miss it?
Click on the button below to stay up to date on the news you cannot miss, as soon as they happen.
NBA

In April 2016, the NBA announced the approval of the three-year pilot program from the board of governors to grant NBA franchises to sell a corporate logo patched on the front left side of the team uniforms. At the same time, the league will establish Nike's swoosh logo on the opposite side of the uniforms starting next season. Each team holds their own responsibilities for sponsorship sales.

The major concern is the team's ability to manage conflict between the NBA's official sponsor and the competitor of the company that endorses NBA stars.

There is uncertainty on whether or not will the on-jersey advertising program be successful in generating revenue, but NBA commissioner Adam Silver projected that the league could earn $100 million in total revenue annually.

General Electric adds sports sponsorships in portfolio

GE -- the largest public firm in the United States -- has served the International Olympic Committee and United States Olympic Committee as an official sponsor since 2006. GE has distributed a board range of innovative products and services that are essential to improving Olympic games, according to company's website.

Furthermore, the NBA has worked with GE Healthcare as a partner since July 2015 to promote sports research to improve players' health and prevent players from injuries. The NBA and GE partnered with sneaker associates in an endeavor to enhance research on athletes' health.

General Electric develops innovation culture and engage in community initiatives in Boston

The major factor in relocating the GE's headquarter to Boston from Fairfield, Connecticut is to create the culture of innovation and attract high-tech talent who can lead the company to embrace on innovation.

As of current, GE has 200 employees in the Boston office, but the company intends to bring 800 employees in a new headquarters facility.

Under the agreement, GE, along with the Celtics, will participate in community initiatives in the near future. GE has previously contributed $50 million to the surrounding Boston areas to develop several programs and enhance science, technology, engineering and math (STEM) education in Boston Public Schools, community health care as well as skills development for the children in need.

Don't miss our page on Facebook!
Click to read more