Terms of the deal were not disclosed, but an official announcement of the arrangement is expected to come later today (May 15).
"Every Akron kid grew up seeing the Wingfoot in the sky on the blimp and feeling pride in our community", said Akron native and Cavs NBA All Star LeBron James. Teams that have signed deals include the Philadelphia 76ers (StubHub), Sacramento Kings (Blue Diamond), Boston Celtics (GE), Brooklyn Nets (Infor) and Utah Jazz (Qualtrics).
Thirteen months ago, the National Basketball Association approved of teams signing a company to put its 2.5-by-2.5-inch logo on jerseys in the upper-left corner, beginning with the 2017-18 season. The Cavaliers, in conjunction with Goodyear, are funding $1 million of support to STEM (Science, Technology, Engineering and Mathematics) programs in the Cleveland Metropolitan School District and Akron Public Schools.
Bloomberg first reported the deal in February about the Goodyear logo being placed on the Cavaliers jerseys.
The logo will be unveiled this summer when Nike, which will become the league's official uniform supplier beginning next season, rolls out Cleveland's new jerseys. Turner will create branded content and advertising for the jersey patch. "There is something special for me personally having that logo on the Cavs uniform".More news: Lyon in danger of UEFA ban after more crowd trouble
More news: Egypt discovers new necropolis in Minya, first in area
More news: We will take a nothing-to-lose attitude against RPS: Saha
That figure now seems to be significantly lower than the value sponsors see in the 2½-by-2½-inch square patches.
Through the partnership, Goodyear and the Cavs will also support their communities. The NBA announced last April that corporate logos would be allowed on jerseys starting next season, which coincides with a new apparel agreement with Nike. The jersey patches are common in soccer, and the Women's National Basketball Association (WNBA) has had such partnerships since 2009.
This morning, the Cavs announced a 1 p.m. press conference for a "major announcement" with GM David Griffin and CEO Len Komoroski in attendance.
Although best known for tires, Goodyear has some deep basketball roots.
The Wingfoots won the first NBL title in 1937.