Cryptocurrency exchange Crypto.com was in negotiations to become the lead sponsor of the UEFA Champions League football when the deal fell through earlier this summer, according to Sport Business.
Crypto.com was in line to pay $99 million a year over five years. The sponsorship was intended to replace Russia’s Gazprom, whose UEFA deal was terminated due to Russia’s invasion of Ukraine.
The cryptocurrency exchange has been a prolific sports sponsor. It grabbed headlines when it committed to a $700 million deal over 20 years to sponsor the Los Angeles stadium formerly known as Staples Corner, which is now the Crypto.com Arena.
But it didn’t stop there. One of its more recent deals is as the exclusive cryptocurrency trading platform for the 2022 FIFA World Cup, which takes place in Qatar in November this year.
In 2021 it became the global partner of the Formula 1 motor racing series and later became the title sponsor of the inaugural Miami Grand Prix, in a deal that was described as ‘long term’.
Other league partnerships include UFC, the Australian Football League (AFL) and the South American Football Confederation (CONMEBOL)
Apart from sponsoring leagues, it has partnered with several individual teams, such as France’s PSG football team, multiple Australian Football League teams, and NBA star LeBron James.
In the case of UEFA, Crypto.com decided to walk away from the deal, but it had no legal commitment. However, multiple lower profile crypto sport sponsors have failed to follow through on their promises.
For example, the Italian football team Inter Milan dropped Digital Bits as a sponsor following alleged nonpayment. Likewise, Bitci was dropped as a sponsor in February by McLaren racing and two football teams.
