WASHINGTON—A new report provides insights into $4.8-billion Northwest Federal Credit Union’s multi-million-dollar sponsorship of the Washington Commanders.
According to a report in the Washington Business Journal, the agreement has boosted the credit union's brand recognition and visibility. However, CUToday.info has obtained information that suggests not everyone at the credit union is pleased with the deal.
The Business Journal report outlined how the deal was arranged.
Several years ago, Northwest Federal Credit Union president and CEO Jeff Bentley reached out to former Commanders owner Dan Snyder about marketing opportunities, the Business Journal explained.
"Unfortunately, all they really wanted to do was sell me a suite and that wasn't what I was looking for. And so, we kind of walked away," Bentley told the Business Journal.
New Owner
Then in July 2023, Philadelphia 76ers co-owner Josh Harris purchased the team for $6.05 billion.
“Bentley mentioned when the team reached out about sponsorship opportunities that summer it was a ‘different atmosphere, in a good way,’” the Business Journal said.
Several discussions followed before Northwest settled on a three-year deal that included some presenting partnerships and naming rights to the club level at FedEx Field. As a result, Northwest had to “build up its marketing arm and bring in people familiar with the sports sponsorship arena,” Bentley told the Business Journal.
When FedEx made the announcement in February it was walking away from its longtime naming-rights sponsorship for the Commanders’ home, Bentley said that Northwest “was asked right out of the gate if it was interested in stepping in,” the Business Journal report explained.
Bentley told the Business Journal the Commanders “kept coming back with different proposals,” and his credit union “kept saying no.” But they “finally came up with ‘something that made sense,” and they were able to sign.
Terms of the deal have not been disclosed, but Sports Business Journal reported the deal is worth more than the $7.6 million average annual value FedEx paid. Northwest also became the jersey patch sponsor for the Commanders’ practice jerseys, Sports Business Journal said.
Not All Good News
While Northwest FCU is claiming big branding benefits from the sponsorship, a report from a Washington insider suggests not everyone at the credit union is pleased with the deal.
The person, who spoke with CUToday.info on the condition of anonymity, said a Northwest FCU board member contacted NCUA regarding a luxury box NFCU reportedly received as part of the sponsorship, stating to the agency there is no material benefit to members from that box expenditure, and that the money spent on the overall sponsorship is not a good use of members’ money.
CUToday.info has reached out for comment from NFCU.