UConn basketball partnership bets on women's sports with Madison Reed beauty brand.

• Madison Reed has secured a three-year court-naming rights partnership with the University of Connecticut.
• UConn athletes, including star Paige Bueckers, have signed NIL deals with Madison Reed as brand ambassadors.
• The sponsored players have agreed to wear Madison Reed hair color as part of the deal.

The latest women's college sports deal is vibrant.

The University of Connecticut has reached a comprehensive agreement with Madison Reed, which grants court-naming rights, name, image, and likeness deals, and career advancement opportunities.

According to Madison Reed, the partnership is worth millions of dollars, although the specifics of the deal were not disclosed.

For the next three years, Madison Reed will sponsor UConn's Gampel Pavilion and XL Center with court-naming rights, and the school's men's and women's basketball teams will play in these venues.

The company has signed NIL deals with four UConn women's basketball players: Paige Bueckers, Azzi Fudd, Ice Brady and Morgan Cheli. These players will act as brand ambassadors and have agreed to wear Madison Reed color in their hair throughout the duration of the agreement.

Madison Reed, established in 2013, offers in-home and salon hair color products. Its items are available nationwide at Ulta, Sephora, and Target.

Amy Errett, founder and CEO of Madison Reed, who graduated from the University of Connecticut and serves on the UConn Foundation board, expressed her excitement about the brand's sponsorship of the court at UConn, as it marks the first time a female and graduate-founded brand has been granted court-naming rights at the university.

Errett emphasized the significance of highlighting women athletes and providing them with opportunities, both on and off the court.

Errett stated to CNBC that his company aimed to be the first to provide female athletes with opportunities, as they do not typically have car dealerships or other such perks like male athletes do.

Madison Reed aims to capture the market of women aged 18 to 44, who make up 78% of hair color users, by appealing to fans of women's sports.

The women's basketball team at UConn, led by star guard Bueckers in her senior season, is expected to be the top draft pick in next year's WNBA draft, contributing to the combined 17 national championships of the university's men's and women's basketball teams.

Errett stated that they would attract a significant number of spectators at the court.

In addition to the NIL deal, Madison Reed will offer mentorship, internships, and franchise opportunities to athletes at UConn.

The four players involved in the deal will receive both cash and equity in Madison Reed.

"Errett stated, "Our approach is holistic. We aim to prepare them for business ownership if they desire in the future, and we believe our success at Madison Reed reflects the value of their equity.""

Geno Auriemma, the Hall of Fame coach who has been leading the UConn women's basketball team for 40 seasons, expressed his support for the deal, stating that it brings attention to his program.

Auriemma stated in an email to CNBC that partnerships like the one with Madison Reed are crucial in increasing awareness for women's sports on a broader level, while also elevating the teams and athletes who are receiving the recognition they deserve.

The most high-profile NIL deal will be with Bueckers, who began the partnership by using Madison Reed ColorWonder dye to change her hair color from blond to sparkling rose.

The UConn senior is not a natural blonde, despite being known for her long, blond locks.

Since eighth grade, Bueckers has been proudly sporting hair color, as stated in an interview with CNBC.

Bueckers mentioned that she enjoys trying new things and finds it enjoyable to experiment with different hair colors. She stated that her favorite color is purple, so she may give it a try.

She expressed excitement about promoting the brand and keeping fans intrigued about her hair color, possibly allowing them to vote on color choices.

Bueckers stated that she is open to persuading Auriemma to try it.

She added, "I hope it inspires kids and others to not be afraid, to be themselves, and express themselves in unique ways."