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Crypto.com, one of the world’s biggest cryptocurrency exchanges, is reportedly backing out of a five-year sponsorship deal worth $495 million with the UEFA Champions League.
According to a report in SportBusiness, Crypto.com and UEFA had already agreed on the deal in principle, with the exchange taking over as leading sponsor after, the European football association ended the Gazprom partnership in March when Russia invaded Ukraine. Now, just short of an official announcement prior to the start of the UEFA Champions League this coming Tuesday, the deal seems to have collapsed.
Although, neither Crypto.com nor UEFA have responded, the deal was cancelled as a result of regulatory uncertainties in Europe’s largest economies, the U.K., France and Italy, possibly effecting the exchange’s licenses to operate in these countries.
The Singapore-based exchange has aggressively been making a name for itself worldwide, as shown in the multiple mega partnership deals it has signed in the last year. In June 2021, Crypto.com agreed a $175 million deal with the Ultimate Fighting Championship (UFC). The exchange then already had $100 million deal with Formula One Racing in place and in November of 2021 it purchased naming rights to the historic Staples Center in Los Angeles, in a deal worth $700 million, which is now rebranded to “Crypto.com Arena.”
NBA Legend Lebron James was also taken on board to be the firms new face joining Matt Damon in the ‘Fortune Favors the Brave’ advertisement campaign.
It is unsure if UEFA will accept the late decision of the cryptocurrency exchange to step out of the in-principle agreement, just days before the start of the Champions League season, and might consider legal actions.