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James Carter

March 15, 2023

Breaking News: Spanish Football Clubs Sue Crypto Sponsors

A new study claims that Spanish football (soccer) is experiencing a “crypto hangover.” The report claims that this is due to the fact that several La Liga clubs have been left with “defaults, complaints, and an experience to forget” after their agreements with crypto sponsors deteriorated.

Spanish Football Clubs Sue Crypto Sponsors

Celta Vigo is the most recent club to experience difficulties with a sponsor from the cryptocurrency industry. In 2021, the club entered into a partnership with the Turkish cryptocurrency exchange Bitci.

Celta, on the other hand, stated that the exchange has “not made any payments” since the agreement was reached in a press release that was shared on Twitter earlier this week.

Spanish Football Clubs Sue Crypto Sponsors

Celta stated in a written statement that it “had been forced on multiple occasions to require Bitci to meet its payment obligations.”

The club stated in a letter that it had written that Bitci had “restricted itself to giving numerous promises of payment, which it has never fulfilled.”

The club issued a statement indicating that it has “decided to begin legal action” in order to “seek the complete compliance of what the parties agreed upon.”

The club came to the conclusion that it was exerting “the utmost efforts” to find a solution to an “unpleasant situation” that had been “created completely by Bitci.”

But, the situation with Celta is not an exceptional one. According to Xataka, Bitci has requested payment delays from a number of its other Spanish partners, including Valencia, a rival team of Celta’s, and Espanyol, a La Liga team situated in Barcelona.

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In relation to unpaid payments from the previous year, Espanyol stated that they were making efforts to take Bitci to court.

Which Other Spanish Football Clubs Are Suffering a ‘Crypto Hangover?’

According to Xakata’s assessment, Bitci asserts that it possesses the “solvency” necessary to fulfill its debts to Spanish clubs. According to reports, however, the company claims that it is unable to act because of recently passed legislation in Turkey.

Moreover, sponsorship deals have been struck between the same cryptocurrency platform and Cádiz, Alavés, and Real Betis. In addition to this, it signed a contract with the Royal Spanish Football Federation, allowing its emblem to be printed on the training apparel worn by the Spanish national team.

But, Bitci is not the only cryptocurrency platform that has gotten off to a difficult start with La Liga teams.

According to Xakata’s other source, Real Sociedad’s primary jersey sponsor, a fan token issuer known as Iqoniq, went out of business a year ago. At the time of Iqoniq’s insolvency, the company owes Sociedad a total of $875,000.50 in unpaid sponsorship payments.

At the beginning of this month, two top-level Brazilian footballers made the announcement that they intended to sue a fellow professional player on the grounds that they believed he duped them into investing in a crypto pyramid scheme.