crypto News Media: Crypto.COM refused to sponsor the UEFA Champions League for € 500 million

Media: Crypto.COM refused to sponsor the UEFA Champions League for € 500 million

Media: Crypto.COM refused to sponsor the UEFA Champions League for € 500 million

Crypto cryptocurrency platform.COM at the last moment abandoned the five -year sponsorship agreement for € 500 million with the UEFA Champions League, Sportbusiness reports.

According to the publication, the company was supposed to replace Gazprom as a title sponsor of the Gazprom tournament. The European Football Organization terminated the contract with the Russian holding in March after the Russian Federation’s invasion of Ukraine.

Agreements with Crypto.COM planned to pay a platform € 100 million per season compared to about € 40 million from Gazprom.

According to Sportbusiness sources, the parties fundamentally agreed on the deal and were close to signing the agreement. Presumably, in the history of the football union, this turned out to be the most advanced stage of negotiations at which a commercial contract fell apart.

The interlocutors of the publication emphasized that the refusal of Crypto.COM from sponsorship is not connected with the cryptocurrency market crisis. The company faced legal problems in some key countries of Europe, including the UK, France and Italy, regarding the volume of its licenses.

Octagon Managing Director Phil Carling drew attention to reducing the financial flow to sports from the crypto industry:

“Three months ago it was a hot sector, and they offered crazy money for premium rights. Now we do not observe this in any of the processes that we accompany. I’m not saying that this is forever, everything can return. But while large money transactions and breakthroughs from the point of view of the commission that we received disappeared “.

According to the publication, recently Crypto.COM has allocated more than $ 1 billion for sports sponsorship. Among other things, this includes agreements with:

    in Los Angeles ($ 700 million);

  • cargo series “Formula 1”;
  • League of mixed martial arts UFC ($ 175 million in 10 years); ; in the World Cup in Qatar;
  • French club “Paris Saint-Germain” (at least $ 25 million in three years).

Recall in February Crypto.COM along with Coinbase and FTX showed a record amount of advertising during the Super Bowl . Placement for 30 seconds cost $ 6.5 million.

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