The Cleveland Cavaliers and Goodyear revealed an announcement Monday on a partnership agreement to place the Wingfoot logo on their jerseys next season. The patch will be featured on the upper uniform along with Nike, which will take over its National Basketball Association (NBA) apparel starting in the 2017-18 season. The deal is believed to be worth estimated $10 million.

In addition to the Cavaliers' deal with Goodyear that will sell its product through advertising, the Akron, Ohio-based company intends to work with NBA's broadcast partner, Turner Sports.

"This is a natural fit between two organizations rooted in Northeast Ohio whose strong brands have a global following," Rich Kramer, Chairman, CEO, and president at Goodyear said in a statement.

"Goodyear has always been connected to the Cavs from our blimp coverage to the tremendous passion of our associates for the team, and we're excited to make this relationship even stronger."

The Cavaliers, the league's most visible team, and LeBron James, the four-time NBA Most Valuable Player, are the predominant reason why Goodyear increases a sponsorship exposure.

NBA's three-year pilot program

Last year, the NBA established a three-year pilot program that would enable each team to sign a deal with brands to put an advertisement on jerseys. NBA commissioner Adam Sliver estimated that the league could generate $100 million through selling space for a logo on a game uniform, but it is being realized that reaching Sliver's expectation does not come easy.

"We all came to market at the same time with the ability to sell these rights," the Cavaliers chief revenue officer Brad Sims said, according to ESPN.

"Outside of our arena rights, these are the most significant rights available. For us, it was less about the final number and more about the fit."

After the NBA launched its program, several companies successfully reached corporate logo agreement with teams, including Philadelphia 76ers (StubHub), Sacramento Kings (Blue Diamond), Boston Celtics (General Electric), Brooklyn Nets (Intor) and Utah Jazz (Qualtrics).

Goodyear's history in basketball

Goodyear was an essential part of history in professional sports. In the 1930s, the company initiated the National Basketball League (NBL). The oldest team that won the first NBL title in 1937 was the Akron Wingfoots. The NBL teams were inaugurated by workers at Goodyear in 1918. In 1949, the league came to terms with the NBA as a part of the new merger.

Goodyear has historically sponsored sporting events, including the Goodyear Cotton Bowl Classic, the College Football Playoff and the Pro Football Hall of Fame. The Goodyear Tire and Rubber company typically run the Goodyear Blimp, an airship fleet that is used famously for advertising of sporting events on television.