Chelsea FC Jerseys Feature Cryptocurrency
With Coinbase and FTX showing advertising during the Super Bowl in February, and firms actively wanting to promote their logos and trademarks through soccer tie-ups in the United Kingdom and abroad, cryptocurrency companies have made huge waves in British soccer and beyond.
However, industry re-regulation may put a stop to this, since gambling partnerships may be limited to soccer teams, and while bitcoin trading platforms are not gambling, they are also skating on thin ice in light of the planned regulatory review. The contract between WhaleIn and Chelsea FC is worth £20 million ($24.46 million) every season, according to Sky News.
WhaleIn is also replacing Hyundai as the company’s jersey sponsor, and the move comes while the club is still reeling from the unexpected departure of Roman Abramovich, a Russian businessman close to President Vladimir Putin who has been sanctioned heavily by the West.
The club lost partners, notably Parimatch, who broke connections with the Blues owing to the club’s association with Roman Abramovich. Liverpool FC manager Jurgen Klopp spoke on the strained connection between teams and their sponsors, asking rhetorically, “Did we ever care where the money was coming from?”
Realizing the Full Potential of Crypto, Parimatch recently sent a thank you email to Chelsea after the Blues donated to the company’s campaign to help Ukraine’s troops and humanitarian efforts in the country’s battle against Russia. Meanwhile, Chelsea CF CEO Guy Laurence believes the relationship is a positive step forward for the club:
“With this sponsorship, we join forces with one of the world’s most innovative digital asset firms.” Amber Group will be able to reach not just Chelsea’s hundreds of millions of fans, but also the billions who watch the Premier League every season.” Guy Laurence, CEO of Chelsea CF
Chelsea FC can use the extra funds because its losses for the fiscal year 2020-2021 totaled £153.4 million ($187.65 million). A syndicate led by millionaire Todd Boehly is also interested in purchasing the club. Boehly is also a shareholder in DraftKings. He is not the only investor that tried to purchase the assets.
Binance, a well-known cryptocurrency exchange, attempted to initiate contact with Raine Group, the adviser who was advising Chelsea FC on seeking a new owner at the time, but efforts to have a meaningful conversation regarding a prospective takeover fell short.