A significant sponsorship deal between Crypto.com and the European Champions League (UEFA) was unexpectedly terminated, according to a SportBusiness report. The five-season deal would have cost the crypto exchange $99 million a year, or nearly 100 million euros every season, for a staggering $495 million in total. UEFA had a sponsorship deal with Gazprom, the world’s largest producer of natural gas, but that deal was cancelled in March as a result of Russia’s invasion of Ukraine. Gazprom was expected to take the role of Crypto.com. The talks for Crypto.com did not fall through due to the current weak market in cryptocurrencies.
Although its sponsorship with Crypto.com has ended, UEFA still has a large number of other sponsors. The league, to name a few, has ongoing agreements with Lay’s, Mastercard, Heineken, Fedex, and Sony PlayStation, according to its website. The marketing team at the crypto exchange has been quite busy since purchasing the naming rights for the Crypto.com stadium in Los Angeles for $700 million and its much-memorised “Fortune Favours the Brave” advertisement starring Matt Damon last year.
In keeping with their tradition of working with the sports world, Crypto.com has decided to sponsor the FIFA World Cup this year. The exchange is a sponsor of the NBA team, the Philadelphia 76ers, and has a $100 million deal with Formula 1 racing. Meanwhile, the exchange is suing a woman after accidentally sending her $10 million. With a smaller first round in June and a larger second round this month, Crypto.com has also been beset by layoffs.
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