CLEVELAND, OH – March 14, 2023 – The Cleveland Cavaliers today announced a new multi-year agreement with Bread Financial (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, to be its “Official Buy Now, Pay Later (BNPL) Partner” and offer Bread PayTM to fans. The sponsorship will bring the Bread Financial brand to life both digitally and inside Rocket Mortgage FieldHouse throughout the remainder of the 2022-23 season and beyond. The Columbus-headquartered company also plans to co-host future initiatives with the Cavs that ladder to the shared sustainability, and diversity, equity and inclusion (DE&I) commitments of both organizations.
As the first official BNPL payment option for the Cavs, fans can apply for Bread Pay, which allows them to split payments into equal installments, for merchandise and apparel purchases on the Cavaliers Team Shop website. Additionally, Bread Financial and the Cavs will host three “Bread Drops,” which are limited-edition merchandise releases, throughout the remainder of the 2022-23 season. Fans using Bread Pay to purchase the releases will gain exclusive presale access.
“We’re thrilled to be joining forces with the Cavaliers to offer BNPL to their fans while also partnering to invest in our communities,” said Nick Antonelli, SVP and chief marketing officer of Bread Financial. “Both of our organizations share a strong commitment to sustainability and DE&I, and we look forward to demonstrating those core tenants together in our efforts across Ohio communities.”
“We are proud to add Bread Financial, an Ohio-based financial services company, to the Cavaliers family,” said Shelly Cayette, Cleveland Cavaliers Executive Vice President and Chief Commercial Officer. “Their innovative approach to payment solutions for customers and their commitment to improving the communities they serve align closely with who we are as an organization. Through this unique relationship with Bread Financial, we can offer an added layer of purchasing flexibility to create an even more seamless and convenient experience for our fans.”
Bread Financial will also sponsor the Cavs Legion, an NBA 2K League, with a team jersey patch and digital placements visible throughout their esports season.
Aspects of the relationship are already well underway, as Bread Financial recently hosted two “City Editions” nights benefitting The Nature Conservancy’s Plant a Billion Trees campaign. Donating $2, or the cost to plant a tree, for every fan in attendance, Bread Financial has donated nearly $78,000 to date. The final event of the season will take place Friday, March 17 when the Cavaliers host the Washington Wizards at 7:30pm ET.