Crypto.com pulls out of $495M sponsorship deal with UEFA: Report



Crypto.com pulls out of $495M sponsorship deal with UEFA: Report

Cryptocurrency exchange Crypto.com has reportedly pulled out of a half-billion-dollar sponsorship deal with the Champions League of the European Football Associations Association.

Crypto.com is out of a $495 million deal its legal team will soon sign with the Association of European Football Associations (UEFA), citing regulatory concerns over exchange licenses in the UK, France and Italy, according to a report by SportBusiness on Wednesday. withdrawn. Crypto.com’s brand would expire in 2027 if the deal goes through, and would exist for five seasons for the UEFA Champions League at a cost of around $100 million per season.

The sports news outlet also reported that Crypto.com stepped in as a potential sponsor after the Champions League abandoned Russian state-owned energy company Gazprom in response to Russia’s invasion of Ukraine. After Russia’s actions, many parts of Europe announced their plans to be independent of oil and gas supply so as not to contribute to the country’s economy during the war.

Crypto.com had previously announced major sponsorships for gyms and teams, and paid millions of dollars in advertising costs.

The exchange partnered with Formula 1 for the Sprint series in 2021, has also previously agreed to sponsor the Aston Martin team at the racing event and will take 20 years to rename Los Angeles’ Staples Center to the Crypto.com Arena for $700 million. signed an agreement. In 2022, the exchange started a five-year sponsorship agreement with the Australian Football League for $25 million and became one of the official sponsors of the FIFA World Cup in Qatar.

Crypto.com CEO Kris Marszalek announced in June, which coincided with the last market downturn, that the stock market would lay off 260 people, equivalent to 5 percent of its employees. It is also unclear whether the drop in crypto prices will negatively affect the exchange’s long-term sponsorship deals.

Cointelegraph reached out to Crypto.com, but has yet to receive a response at the time of publication.



Soruce : https://tr.cointelegraph.com/news/crypto-com-backs-out-of-495m-sponsorship-deal-with-uefa-champions-league-report

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