Target Corporation (NYSE:TGT) has signed a multi-year deal with Major League Soccer (MLS).
The retail giant is looking to expand its presence in the world of professional sports, and choosing MLS as the platform to promote its products may be a smart move. Soccer is quickly growing as a major sport in the U.S., with recent average attendance figures in the league similar to those in the NBA and NHL.
Basketball and hockey are still more popular because of lucrative TV deals, but MLS is growing due to newer generations becoming more interested in the sport at a young age.
The country’s growing diversity could factor into the growing popularity of soccer due to the international presence in the league with foreign players such as Italian Sebastian Giovinco, Ivorian Didier Drogba and Brazilian Kaká all serving as important players for their respective teams.
The exact details of the Target deal is unclear, but it is believed to cover multiple years. Again, there are no details in the financial terms, but it could be similar to the five-year, $50 million deal the league inked with Heineken.
Additionally, Target has inked a separate deal with an MLS team from the Midwest called Minnesota United. The retailer’s logo will be in the jerseys, prominently promoting the brand.
Target has quite an impressive presence in Minnesota as the arena where the Timberwolves and Lynx play is called Target center.
TGT shares slipped 2.3% Thursday afternoon.
