For the first time in team history, the Denver Nuggets will have a sponsored logo on their jerseys for the upcoming season.

The franchise partnered with the global payment services company, Western Union, and will now sport the company's logo on the top left corner of the team's jerseys starting in 2017.

"It's a unique day because it's something we've never been able to do before," Nuggets President Josh Kroenke said. "The jersey patch concept is something that's very prevalent in the world of sports."

The move comes a little over a year after the NBA approved the sale of jersey sponsorships. The Nuggets are now the 11th team in the league to have a jersey sponsor.

Nuggets guard Malik Beasley was in attendance to discuss the team's new look. While some fans have been skeptical of the sponsorship, Kroenke said the players are on board.

"It's more revenue for the league, and 50 percent of that goes immediately to the players," Kroenke said. "We're working on their behalf, and we're trying to work together to figure out the best path for us."

The deal with Western Union goes for three years, so don't expect a removal of the logo patch anytime soon.