Crypto.com backed out of a large sponsorship arrangement with the European Champions League (EUFA) early this summer, according to SportsBusiness.
The arrangement was apparently set to last five seasons and would have cost the crypto exchange about 100 million euros every season, or $99 million per year, for a total value of $495 million.
Prior to talks with Crypto.com, EUFA was sponsored by the Russian natural gas corporation Gazprom, a partnership that was suspended in March after Russia’s invasion of Ukraine. Crypto.com was supposed to take the role of Gazprom.
According to the rumor, the Crypto.com discussions fell through because to the continuing crypto bear market.
While its partnership with Crypto.com has ended, EUFA still has a large number of current sponsors. The league, according to its website, has active partnerships with Lay’s, Heineken, Mastercard, Fedex, and Sony PlayStation, to name a few.
Since purchasing the naming rights to the Crypto.com stadium in Los Angeles for $700 million and its much-touted “Fortune Favors the Brave” advertising with Matt Damon last year, the crypto exchange’s marketing staff has been kept busy.
Crypto.com has expanded its sports sponsorships, striking an agreement to sponsor the FIFA World Cup this year. The exchange also sponsors the NBA franchise the Philadelphia 76ers and has a $100 million partnership with Formula One racing.
However, the exchange is also suing a lady after accidentally transferring her $10 million. And Crypto.com has been beleaguered by layoffs, with the first wave in June and a bigger, second one this month.
Regardless, the exchange looks to be continuing to extend its scope. Crypto.com was licensed to operate in the United Kingdom earlier this month and has intentions to grow into South Korea as well.
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