Crypto.com Drops $495M Sponsorship Deal With Champions League Soccer: Report – Decipher
Crypto.com pulled out of a massive sponsorship deal with the European Champions League (UEFA) at the “last moment” earlier this summer, SportBusiness reported today.
The deal was meant to last five seasons and would have cost the crypto exchange around €100 million per season, or $99 million per year, making the now-lost overall deal worth $495 million.
Prior to negotiations with Crypto.com, UEFA was sponsored by Russian natural gas company Gazprom, a deal the league canceled in March after Russia invaded Ukraine. Crypto.com was to replace Gazprom.
According to the report, Crypto.com trading did not fail due to the ongoing crypto bear market.
While its Crypto.com deal has been dissolved, UEFA has many other existing sponsors. According to his websitethe league has active agreements with Lay’s, Heineken, Mastercard, Fedex and Sony PlayStation, to name a few.
Since purchasing the naming rights to the Crypto.com arena in Los Angeles for $700 million and his very memorable “Fortune favors the brave” advertising with Matt Damon last year, the crypto exchange’s marketing department has been busy.
Crypto.com continued to venture into sports partnerships, signing a deal to sponsor the fifa world cup This year. The exchange is also a sponsor for the Philadelphia 76ers NBA team, and struck a $100 million deal with Formula 1 racing.
But the exchange also pursues a woman after sending her $10 million by accident. And Crypto.com has been mired in layoffs, with a first round in June and a bigger one, second round of layoffs this month.
Either way, the exchange always seems to be investing to expand its reach. This month, Crypto.com was approved to operate in the UK and plans to expand into South Korea as well.
Crypto.com and UEFA have yet to respond to Decryptrequest for comment.
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