Crypto.com is out this summer at the last minute stepped out of a massive sponsorship deal with the UEFA Champions League. The agreement would have linked the exchange to the tournament for five years and would have cost the trading platform roughly 100 million euros per year. Ultimately, the bear market prevented the sponsorship deal from making it to the finish line.
Don’t panic at UEFA
In total, Crypto.com would transfer almost 500 million euros to UEFA in five years, but that party is canceled for that organization. That is of course a loss for the Champions League, but fortunately for the football tournament there are plenty of other sponsors left. It currently has active deals with Lay’s, Heineken, Mastercard, Fedex and Sony PlayStation, just to name a few.
Crypto.com would originally take over from Russia’s Gazprom with this deal. As a result of the Russian invasion of Ukraine, Gazprom has been removed as a sponsor and a spot has become available. For a long time it seemed that the crypto exchange would fill that spot, but the falling prices have made the company decide that there is no room to spend 500 million euros on a sponsorship deal.
Active in the field of sports
Crypto.com made its first appearance in the sports world some time ago by purchasing the naming rights to the La Lakers basketball stadium for $700 million. It also has an active sponsorship deal with FIFA for the World Cup later this year. The scholarship also sponsors the Philadelphia 76ers, a United States NBA basketball team and has a $100 million deal with Formula 1.
The deal with the Champions League will therefore not go through, but there are plenty of other interesting things for the stock exchange platform. For example, this month it was cleared to operate in the United Kingdom and South Korea. It therefore seems that Crypto.com now has to make choices and does not have money for everything.