The Boston Red Sox baseball franchise of North America’s MLB has announced a new agreement with US financial services giant KPMG.
As the official tax provider of the Boston Red Sox, KPMG will aid the franchise’s tax compliance efforts, streamlining financial operations.
Through the deal, the tax, audit, and financial advice firm will furnish the iconic baseball franchise with its KPMG partnership transaction group (PTG) solution, which is designed to help users better navigate the tax reporting of partnership transactions.
This is especially prevalent for the Red Sox given the massive presence it has in the sponsorship market.
Per a GlobalData Sport report, through the 2023 season the Red Sox boasted 47 sponsors, by far the most of any MLB franchise, with the Texas Rangers’ 34 the nearest competitor.
The report adds that the cumulative value of those sponsors sat at over $100 million, also the most of any MLB team (the Chicago Cubs were the next closest with $79.61 million cumulative sponsorship value).
Tim Zue, Boston Red Sox executive vice president and chief financial officer, stated of the announcement: “We're impressed both by [KPMG’s] innovative technology platforms and the experience and technical knowledge of their people - and we trust that the KPMG team will help enhance our tax compliance efforts."
John Capone, office managing partner for New England and upstate New York at KPMG, added: “With our PTG Solution enhancement, the Red Sox can go into tax season knowing they are applying the most innovative tools to tax compliance.”
KPMG has a strong presence in the global sports industry as both a service provider and a sponsor.
Through a multi-year tie-up with international sailing series SailGP, KPMG is the title partner of the Australian Sail Grand Prix.
The professional services firm joins a number of high-profile sponsors at the Red Sox, one of baseball’s most storied and highest-profile franchises, including betting firm BetMGM, and airline JetBlue.
In November 2022, the franchise announced a ten-year jersey patch partnership with Massachusetts-based insurance giant MassMutual.
The landmark partnership, the Red Sox’s first for a jersey patch, sees the MassMutual logo present on team jerseys through the 2032 MLB season, the dealing having begun in the 2023 season.
Furthermore, as a signature sponsor of the team, MassMutual’s logo is placed above the centerfield scoreboard at the club’s Fenway Park.
MassMutual also has a significant presence across all of Red Sox’s digital properties and throughout the rest of the ballpark, including behind the home plate.
