Crypto.com pulled out of a huge sponsorship deal with the UEFA for the Champions League at the “last moment”.
Insights into Crypto.com- UEFA deal
The deal was reportedly going to run for 5 Champions League seasons and would have cost the crypto exchange around 100 million euros per season, or $99 million a year, making the now-lost overall deal worth a whopping $495 million.
Before the negotiations with Cryptocom, UEFA had been supported by Russian natural gas company Gazprom. A deal the league canceled in March following Russia’s attack on Ukraine. Cryptocom was supposed to replace Gazprom. However, the negotiations did not fall through due to the constant crypto bear market, as per reports.
While its Crypto.com deal has disbanded, UEFA has plenty of other existent sponsors. On its official website, the league has dynamic deals with Lay’s, Heineken, Mastercard, FedEx, and Sony PlayStation.
Since purchasing naming rights for the Crypto.com arena in Los Angeles for $700 million and it’s much-memed “Fortune Favors the Brave” advertisement with Actor Matt Damon last year, the marketing department at the crypto exchange has remained engaged.
Crypto.com has continued to venture into sports associations, signing a deal to sponsor the FIFA World Cup this year. The exchange is even a sponsor for the Philadelphia 76ers NBA team and made a $100 million deal with F1 racing.
Nevertheless, the exchange seems to still be investing in expanding its reach. This month, the company was approved to operate in Canada and has plans to expand in other territories.
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