How do team partnerships work?

[pungent]

Can someone tell me how team partnerships with memorabilia companies work? Do memorabilia companies first buy items from the teams on an agreed upon price, then flip it to collectors at retail to make a profit? Or do they first sell the items then give the teams a percentage of the final sale? Do teams or companies determine the price of an item?

[indyred]

Each team is different. No standard deal. But upfront money is pretty much a given to get the contract.