Reigning NBA champions, the Cleveland Cavaliers have officially signed a deal securing a jersey sponsorship with Goodyear Tire & Rubber Co (NASDAQ: GT) that will begin in the 2017 season.

Since the NBA became the first professional North American league to approve jersey sponsorships 13 months ago, six teams have secured corporate sponsorships, allowing teams to place a 2.5-by-2.5-inch logo on jerseys.

"The is the next phase of teams finding new revenue streams," said Matt Powell of NPD Group told Benzinga in a tweet.

Next year will see the Utah Jazz (Qualtrics), Boston Celtics (General Electric Company (NYSE: GE)), Brooklyn Nets (Infor), Philadelphia 76ers (Stubhub) and Sacramento Kings (Blue Diamond) all sport company logos.

The Cavs are the highest profile team to have secured a deal. While terms of the deal have not been made public, the move is expected to provide $30 million in advertising value for Goodyear annually.

"We always want to keep Goodyear top of mind for the consumer and making moves like this is critical for our business," said Goodyear's director of marketing, Seth Klugherz, in a recent ESPN story.

The team will sport the iconic Wingfoot logo in yellow, matching the Cavaliers' jersey colorway. ESPN has reported that the Golden State Warriors are seeking a million–20 million for a similar jersey sponsorship.

NBA commissioner Adam Silver believes that throughout the league, jersey sponsorships will be worth $100 million annually.

Goodyear is headquartered in Akron, Ohio, hometown of the Cavaliers star LeBron James and birthplace of the Golden State Warriors star Steph Curry.

"Every Akron kid grew up seeing the Wingfoot in the sky on the blimp and feeling pride in our community," LeBron James said in a statement Monday. "There is something special for me personally having that logo on the Cavs uniform."

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Image Credit: Derived from Darren Rovell's tweet.

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