Chelsea football club has signed a new sponsorship deal with a crypto startup called WhaleFin. The crypto startup’s name will appear on the shirt sleeve.
Hyundai brand name is being replaced
The London-based club has been the subject of numerous financial and commercial sanctions against their Russian owner Roman Abramovich. The new deal will feature WhaleFin’s logo on the sleeves of their sports shirts.
WhaleFin, which is owned by the Amber Group of Singapore, is now making great strides in the football world. She previously signed a similar deal worth €40 million with Athletico Madrid.
Known for trading and lending cryptocurrencies, the startup will rely on Chelsea’s global fandom to expand its audience and market. It replaces Hyundai, which advertised on the football club’s shirtsleeves.
Remarkable Match
The similarity between Chelsea and WhaleFin is remarkable to say the least. For example, harsh commercial restrictions have been imposed on the club since outgoing owner Roman Abramovich was sanctioned by the British government in March. As a result, the club currently operates under a special license. In practice this limits almost all daily activities of the football club. Also, the club is not allowed to sell new products and the funds are currently frozen. Abramovich was forced to sell the club.
This was done through an auction, which was won by an investor group of Todd Boehly, a banker from the United States (US). The deal is not yet complete as it has yet to be approved by the British government. This should be completed by the end of the month, when the American and his consortium receive government approval.
The deal is said to have started in January this year. Abramovich was still in full charge of the club at the time. It should be completed from next season, when Chelsea’s new owners will officially take charge.