Crypto.com Canceled $495 Million Champions League Sponsorship

Crypto.com had a deal to sponsor $495 million for the Champions League Sponsorship (UAFA), but the deal was canceled at the last minute. The reason for the cancellation of this exchange’s sponsorship is due to the strong bear market.

Earlier this summer, Crypto.com abruptly ended a significant sponsorship agreement with the European Champions League (UEFA), according to a report in SportBusiness.

According to reports, the five-season agreement would have cost the cryptocurrency exchange $99 million per year or about 100 million euros every season, making the total value of the now-lost agreement a whopping $495 million.

Crypto.com negotiations did not fall through due to the ongoing crypto bear market, according to the report.

Prior to discussions with Crypto.com, UEFA had a sponsorship agreement with the Russian natural gas giant Gazprom, which was terminated in March as a result of Russia’s invasion of Ukraine. Gazprom was supposed to be replaced by Crypto.com.

Although its sponsorship with Crypto.com has ended, UEFA still has a large number of other sponsors. The league, to mention a few, has ongoing agreements with Lay’s, Heineken, Mastercard, Fedex, and Sony PlayStation, according to its website.

However, the crypto exchange is still a sponsor of the 2022 FIFA World Cup, and also a sponsor of the Philadelphia 76ers NBA team, and made a $100 million deal with Formula 1 racing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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