Crypto.com pulls out of Champions League sponsorship deal
Crypto exchange was on the cusp of one of the largest-ever Champions League sponsorships
Cryptocurrency exchange Crypto.com has pulled out of its sponsorship deal with Europe’s Champions League, which is organised by the Union of European Football Associations (UEFA).
The crypto exchange was going to become one of the largest-ever sponsorships for the Champions League, but the deal fell apart at the last minute, according to SportBusiness.
The deal was intended to last for five seasons and was said to cost Crypto.com $495m (£427m) in total. It is not thought that the talks fell through due to the current crypto bear market.
Russia’s natural gas company Gazprom was the sponsor for UEFA until UEFA terminated the deal in February 2022 because of Russia’s invasion of Ukraine.
UEFA still sponsorsed by other well-known brands
UEFA sponsors still include Heineken Lager Beer, Sony PlayStation, American multinational financial services corporation Mastercard and British snack food manufacturer Walkers.
All four are UEFA Champions League official sponsors.
Crypto.com will be official sponsor of FIFA World Cup 2022
In March, the international governing body of association football, FIFA, announced that Crypto.com, would be an official sponsor of the FIFA World Cup Qatar 2022.
The crypto platform will be the exclusive trading platform sponsor of Qatar 2022 – which takes place from 21 November to 18 December – and will “benefit from significant branding exposure both within and outside the tournament’s stadiums”.
In November 2021, Crypto.com signed a multi-year partnership with the South American Football Confederation (CONMEBOL) Libertadores, the governing body of South American football, to become the official partner of the Confederation during the 2023-2026 cycle.
This means Crypto.com will become the first brand integrated into the virtual assistant referee (VAR) feature. The company will also benefit from brand exposure in various stadiums and broadcasts of the CONMEBOL Libertadores.
There was no response to a Currency.com request for comment from Crypto.com.