Crypto.com Walks Out on Nearly $500,000,000 Sponsorship Deal with Major European League at Last Minute: Report
Digital asset exchange Crypto.com is reportedly pulling out of a sponsorship deal worth hundreds of millions of dollars with a prestigious soccer league in Europe.
According to a new report from Sports Business, Crypto.com, a brand known for working with sports companies, is no longer interested in working with the Union of European Football Associations (UEFA).
The digital asset exchange agreed to a five-season deal worth about $99.9 million per year. The report says the deal was agreed in principle and in the most advanced stages of negotiations, but it collapsed before the two sides could officially sign it.
According to the report, the abrupt end of the negotiations had nothing to do with the decline in crypto markets this year.
The deal fell apart after Crypto.com took legal advice regarding its discussions with national regulators in some key European countries, including France, the UK and Italy on how to obtain the proper licenses needed to operate, according to the report.
Last year, the digital asset exchange struck a deal to pay $700 million over 20 years to change the name of the home of the NBA’s Los Angeles Lakers and Los Angeles Clippers to Crypto.com Arena. Late last month, the company announced it was backing a nine-figure investment to renovate and upgrade the iconic stadium.
News of the nixed partnership had little impact on CRO, Crypto.com’s original asset. At the time of writing, CRO is trading hands at $0.119, flat on the day.
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