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The NBA is taking a shot of Cognac.
The National Basketball Association announced that Hennessy, the top-selling Cognac brand in the world, will be the official spirit of the league, as well as of the Women’s National Basketball Association and USA Basketball.
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Hennessy replaces Jack Daniel’s as the league's spirit partner.
For Hennessy, which is owned by France's LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMUY), it's the first partnership with an American professional sports league.
"We are pleased to be partnering with the NBA, a forward-thinking league that embodies our 'Never stop. Never settle.' mantra," Giles Woodyer, senior vice president at Hennessy U.S., said in a press release.
"There's an energy pulsing through the NBA that compels it to evolve, to push the limits of its own potential. Our new collaborative journey is rooted in this joint passion and will explore the realms of legacy, culture and innovation."
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The partnership will broaden the NBA's reach to new fans, Dan Rossomondo, the league's senior vice president of media and business development, said in a statement.
"As the iconic brand continues to expand its business in sports marketing, we look forward to creating elevated experiences and unique initiatives that celebrate the game of basketball."
The NBA said its Hennessy partnership will tip off at the NBA All-Star weekend this year in Chicago.
Shares of LVMH were down 0.39% at publication time Tuesday to $90.20.
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Courtesy photo.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.