NHL To Lose Sponsorship Deal After Company Files For Bankruptcy
The NHL will be losing one of their sponsors at the end of the season due to sports hydration company Biosteel filing for bankruptcy. Now the league will turn to another company to sponsor their in-game beverages for players.
NHL to enter new sponsorship agreement after BioSteel bankruptcy
NHL insider David Pagnotta was first to report this news today. The NHL first announced their sponsorship with BioSteel in July of 2022 but the deal proved to be a short one. The company has apparently been underwater for some time now and while the deal was originally meant to be for eight years, it will be cut short.
Sounds like this will be the last season with BioSteel as the «Official Hydration Partner» of the NHL & NHLPA. It's not yet confirmed, but word out there is BodyArmor will be taking over the partnership starting 2024-25.
This is due to the fact that BioSteel is more than 400 million dollars in debt, according to the CBC. This has lead some fans to worry that the sponsorship deal falling through could have a negative impact on the NHL's salary cap going forward.
imagine if the nhl had to do a flat cap again because biosteel owed them too much money
Hopefully, the league's new deal with BodyArmor will make up for the lost revenue they were making from BioSteel. Currently, Gary Bettman is projecting a 4.2 million dollar increase in the NHL's salary cap for the 2024-25 season. We will just have to wait and see if today's news changes that number at all.
As seen on NHL to lose major sponsorship deal
| POLL | ||
Do you think the NHL salary cap will be effected at all by the league losing its sponsorship deal with Biosteel? | ||
| Yes | 119 | 40.5 % |
| No | 175 | 59.5 % |
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