Crypto.com Backs Out Of UEFA Sponsorship Deal
Singapore-based Crypto.com has backed out of a $495 million sponsorship deal with the Union of European Football Association (UEFA) Champions League, citing legal issues in some European countries.
The cryptocurrency company, which provides trading, DeFi, and wallet services, was set to replace Russian oil major Gazprom as the sponsor for the next five seasons, until 2027. This was due to UEFA terminating its contract with Gazprom in March following Russias invasion of Ukraine.
The deal, worth £428 million over the aforementioned five seasons, is believed to have fallen through at the last minute due to concerns about increased cryptocurrency regulation, which may very well be related to potential legal trading restrictions.
In recent years, digital assets have moved from the periphery of the economy to the center, with a rising number of football sponsorship deals being announced.
Chelsea F.C. and Atletico Madrid F.C. both signed deals with trading platform WhaleFin, and Manchester City F.C. has OKX as a training kit partner. Apart from this, other notable clubs like PSG F.C. and Barcelona F.C. also have their own fan tokens.
Crypto.com laid off nearly 5% of its workforce, or about 260 people, in June. Despite losing the UEFA deal, it is still nevertheless the official sponsor of the Qatar 2022 FIFA World Cup.
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