• Loading stock data...
Sunday, January 12, 2025

Sports Deals Face Uncertainty After Crypto Platform’s Bankruptcy

  • Cryptocurrency platform Voyager has filed for bankruptcy.
  • Voyager has one of the NWSL’s largest deals in the league’s history.
Voyager
Nathan Ray Seebeck-USA TODAY Sports

A number of sports deals are in limbo after cryptocurrency platform Voyager Digital filed for bankruptcy.

Voyager says “prolonged volatility and contagion” forced the Chapter 11 filing. According to the filing, Voyager estimates it had more than 100,000 creditors and between $1 billion and $10 billion in assets, with an equal amount of liabilities.

Last week, Voyager suspended all withdrawals and trading.

Voyager had announced an agreement in December with the NWSL — one of the league’s largest in history — in which the players were to receive a portion of the deal in cryptocurrency and financial education on cryptocurrencies. 

The NWSL isn’t Voyager’s only tie to sports.

  • Voyager paid one bitcoin in April 2021 — around $60,000 at the time — to the Oakland A’s for a full-season suite-ticket package. Bitcoin is now trading at roughly $20,000.
  • Six months after announcing its A’s deal, Voyager became an international partner of the Dallas Mavericks.
  • Former NFL player Rob Gronkowski announced a marketing deal with Voyager last fall, NASCAR driver Landon Cassill extended his Voyager partnership in December, and NBA Hall of Famer Tracy McGrady and NFL Hall of Famer Marshall Faulk serve as advisors.

Crypto Crash

Voyager isn’t the first crypto platform whose misfortunes have affected the sports industry. Despite the complete collapse of Terra’s crypto “stablecoin,” MLB’s Washington Nationals continue to promote its Terra Club. Also, FTX backed out of a jersey patch deal with the Los Angeles Angels.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NBA’s Game of the Year Draws 1.87 Million, Up 8% on Season..

The NBA is averaging 1.72 million viewers per game this year.
JJ Redick

Steve Kerr, JJ Redick Among Sports Figures Who Lost Homes in L.A...

Kerr said his family had owned the home since the 1960s.

Featured Today

Ohio State Buckeyes defensive end Jack Sawyer (33) knocks the ball out of the hands of Texas Longhorns quarterback Quinn Ewers (3) and returns the fumble for a touchdown in the fourth quarter of the Cotton Bowl Classic during the College Football Playoff semifinal game at AT&T Stadium in Arlington, Texas on January, 10, 2025.

College Football Is Closer Than Ever to Perfecting the Championship Process

Despite valid criticisms, the first expanded Playoff is working.
Jan 2, 2025; New Orleans, LA, USA; Notre Dame Fighting Irish head coach Marcus Freeman (R) reacts on the sidelines in the final minute against the Georgia Bulldogs during the fourth quarter at Caesars Superdome.
January 9, 2025

Amid Realignment Mania, Notre Dame Stayed Independent. It Paid Off

How the CFP semifinal-bound Fighting Irish made their business model work.
Ohio State wide receiver Jeremiah Smith (4) celebrates a first-down catch against Oregon during the 2025 Rose Bowl in Pasadena, Calif.
January 3, 2025

The Biggest Changes to College Sports Are Coming in 2025

Sweeping developments could affect the college sports foundation this year.
Dec 31, 2024; Chicago, Illinois, USA; Chicago Blackhawks center Connor Bedard (98) walks out to the rink before the Winter Classic against the St. Louis Blues at Wrigley Field
January 1, 2025

Glitzy NHL New Year’s Eve Winter Classic Showcased Connor Bedard’s Star Power

The business of Bedard—on full display—is crucial for the NHL.
exclusive

Talor Gooch Using LIV Golf Fortune to Start Building Sports Empire

The golfer has made more than $43 million individually from LIV.
November 13, 2024

Why Liberty Media Spun Off Assets, Shook Up Leadership

Longtime CEO Greg Maffei is stepping down at the end of the year.
December 4, 2024

U.S. Firm Makes $310M Bet on Soccer by Forming Superagency

The U.S.-based investment company makes a significant play in international soccer.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Oct 27, 2024; Seattle, Washington, USA; Buffalo Bills quarterback Josh Allen (17) passes against the Seattle Seahawks during the second quarter at Lumen Field.
October 30, 2024

Buffalo Bills in Talks to Sell Stake to PE Firm Arctos: Report

Arctos already has a slice of Paris Saint-Germain and the PGA Tour, among other assets.
Jul 7, 2021; Tampa, Florida, USA; Tampa Bay Lightning owner Jeff Vinik hoists the Stanley Cup after the Lightning defeated the Montreal Canadiens 1-0 in game five to win the 2021 Stanley Cup Final at Amalie Arena.
October 25, 2024

Lightning Sell at $1.8B Valuation, Nearly Double Prior NHL Record

The Lightning unveiled a multistep and multiyear sale process.
May 24, 2024; Minneapolis, Minnesota, USA; Dallas Mavericks owner Mark Cuban celebrates after defeating the Minnesota Timberwolves in game two of the western conference finals for the 2024 NBA playoffs at Target Center.
October 9, 2024

Why Mark Cuban Sold the Dallas Mavericks When He Did

Cuban sold his majority stake to the Adelson family in December 2023.
Young fans look over Michigan State sports equipment on display during the Spring Showcase on Saturday, April 20, 2024, at Spartan Stadium in East Lansing.
October 2, 2024

Private Equity Firms Buy Rival Hockey Brands CCM and Bauer

Both brands have been around for decades and changed ownership in the same week.