chelsea To Lose Crypto Sponsor
Amber Group is ending its £20m-a-year sleeve sponsorship deal with Premier League club Chelsea FC just seven months after it was agreed, according to Bloomburg.
The Singapore-based digital asset company has displayed the logo of its cryptocurrency platform, Whalefin, on the kit of the West London side since the start of the 2022/23 season.
Whalefin replaced car manufacturer Hyundai in the summer, becoming the first major sponsor to come onboard since US owner Todd Boehly bought the club from Roman Abramovich.
Since then, Amber Group has been hit by the collapse of the FTX exchange and is reportedly losing 40% of its staff as the business continues to struggle, while crypto analysis tool Lookonchain is reporting that Amber Group is on the verge of bankruptcy.
With a cost cutting strategy now underway, its sport sponsorships look certain to be ended.
Whalefin has also been on the front of shirt sponsor for Spanish football club Atletico Madrid since the start of this season. The five-year £35m per season deal is the largest in Atletico’s history but this agreement also looks set to come to a premature end.
Both Chelsea and Atletico will be seeking replacements for their respective lucrative sponsorship spots.
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