• Loading stock data...
Tuesday, June 25, 2024

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.
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.

Copy Link
Link Copied
Link Copied

What to Read

Scheffler’s Season Earnings Could Surpass Top NFL, NBA, MLB Stars

The golfer has already won more than $27 million this season.

Finals Draw Underwhelming Viewership, but NBA Juggernaut Rolls On

The impact will be negligible on the NBA’s $76 billion media-rights talks.
podcast thumbnail mobile
Front Office Sports Today

How the American Soccer Fan is Unlike Any Other Sports Fans


Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.
June 13, 2024

Everything You Need to Know About the Schism Rocking Competitive Eating

The business story about hot dogs that you never knew you needed.
June 13, 2024

The ‘Big’ in Big 12 Could Soon Be Replaced With a Sponsor’s Name

Allstate is said to be in discussions about a deal with the Big 12.

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
June 12, 2024

Saudi Arabia’s Next Big Sports Target: Boxing, With Joint Venture Worth $5B

The Public Investment Fund of Saudi Arabia is focusing on boxing as its next large-scale sports target.
June 11, 2024

Breakthrough? Tiger Says PGA Tour and LIV Golf Are Eyeing ‘End Game’

Woods called a recent meeting ‘productive.’
June 10, 2024

Salt Lake City’s $4B Olympics Price Tag Could Be a Bargain: Here’s Why

Utah is the preferred bidder for the 2034 Games.
June 7, 2024

New Era’s Acquisition of ’47 Set to Reshape Sports Apparel Market

New Era is set to acquire ’47 in a deal creating a combined operation with $2 billion in annual revenue.