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Teams have sponsors but players have their own sponsors too. That would be coordinated by player’s agents not the team.
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That's interesting. So much freedom! I learned that there's also a Union NFLPA (players association).
It's surprising to me because There are many Cricketers associations but none are recognised by the boards.
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Ok. I guess they also manage the sponsors for the players?
In cricket most of such companies sign players to manage their sponsors on their behalf. That's the only business they've got to deal with. They aren't allowed to interfere in the trading of players for IPL.