Crypto.com pulled out of a massive sponsorship deal with the European Champions League (EUFA) earlier this summer, sports I mentioned today.
The deal was reportedly set to run for five seasons and would have cost the cryptocurrency exchange nearly €100 million per season, or $99 million per year, bringing the total lost deal now to $495 million.
Prior to negotiations with Crypto.com, EUFA was sponsored by Russian natural gas company Gazprom – a deal that suspended the league in March after the Russian invasion of Ukraine. Crypto.com will replace Gazprom.
According to the report, Crypto.com negotiations failed due to the ongoing bear market for cryptocurrencies.
While the Crypto.com deal has been resolved, the EUFA has several existing sponsors. According to her websiteThe league has active deals with Lay’s, Heineken, Mastercard, Fedex and Sony PlayStation, to name a few.
Then he bought the naming rights to Crypto.com in Los Angeles for 700 million dollars and his Lots of memes “Luck is the brave bee” Ads With Matt Damon last year, the marketing department of the crypto exchange has been kept busy.
Crypto.com has continued to enter into sporting partnerships, signing a deal to sponsor them world Cup this year. Exchange is also a sponsor of Philadelphia 76ers NBA The team signed a $100 million deal Formula 1 racing.
But the exchange is also suing a woman after sending it 10 million dollars by mistake. And Crypto.com is mired in layoffs, with a first round in June and a larger round, The second round of layoffs This month.
Regardless, the exchange still appears to be investing in expanding its reach. Crypto.com has been approved this month to operate at United kingdom It has plans to expand to South Korea also.
Crypto.com and EUFA have yet to respond DecryptComment request.
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