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Friday, June 14, 2024

Crypto.com Backs Out of UEFA Deal in Latest Crypto Reversal

  • Crypto.com reportedly scuttled a deal with the UEFA Champions League.
  • Crypto companies are reevaluating spending amid a major downturn.
UEFA Champions League

Crypto companies are reversing course on sports sponsorships — and European soccer’s governing body is just the latest victim.

Crypto.com backed out of a five-year sponsorship deal worth $100.6 million annually for the UEFA Champions League this summer, according to SportBusiness.

A drop of over $2 trillion in value in the crypto markets from November to June, plus another major hit last week, has caused a course correction among crypto exchanges.

  • Rival crypto exchange FTX reportedly pulled out of a jersey patch deal with the Los Angeles Angels. Another crypto company backed off a deal with the Washington Wizards.
  • The bankruptcy of crypto exchange Voyager left a deal with the NWSL — one of the largest in the league’s history — in limbo. Voyager was also a partner of the Dallas Mavericks.

Crypto’s Big Sports Play

The canceled transactions represent a reversal on what had been the biggest emerging trend in sports deals: Crypto companies were spending billions of dollars on sports sponsorships. 

The category rocketed to the NBA’s second-largest sponsorship category in the 2021-22 season, after being 43rd the previous year.

Crypto.com and FTX each made a major splash with an arena naming rights deal, with the former landing the home of the Los Angeles Lakers, Clippers, Kings, and Sparks in a 20-year, $700 million deal, and FTX snaring the Miami Heat’s arena for 19 years for $135 million.

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