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Crypto.com Drops Champions League Sponsorship Deal Amidst Bear Market

Crypto.com won't pursue five-year, $495 million sponsorship agreement with the European soccer Champions League, after talks fell apart.

Crypto.com Withdraws From $495M Talks With Europe’s Champions League

Crypto.com has pulled out of a Champions League sponsorship deal with UEFA believed to be valued at around $495 million over five seasons (or $100 million each season). As reported by Sport Business, negotiations broke down at the last moment earlier this summer.

Crypto.com has spent over $1 billion in sports sponsorship overall including acquiring the naming rights to the erstwhile Staples Center in Los Angeles ($700 million) and partnering with the NBA’s Philadelphia 76ers, Formula 1, French soccer club Paris Saint Germain and the NHL’s Montreal Canadiens, among other sports brands. According to the Sport Business report, the deal with UEFA fell apart over operating licensing discussions held with regulators in key European markets, including the U.K., France and Italy

Big money deals with sports brands appear to have slowed down as Crypto.com is in the midst of layoffs in response to the current crypto winter. However the exchange looks to continue its global expansion, as they have announced regulatory approvals in the last month to operate in Singapore and South Korea.

UEFA had announced that the deal with Crypto.com would replace Russian natural gas company Gazprom, whose sponsorship was canceled following the Russian invasion of Ukraine. The Champions League has a number of commercial deals with major brands including Heineken, PepsiCo, Mastercard and FedEx, as well as fan token operator Socios.com.

At press time neither Crypto.com nor UEFA had commented on the news.

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