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Crypto.com pulls out of $495m UEFA Champions League deal

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Citing legal reasons, Crypto.com finally cancels its contract with the UEFA Champions League. The deal, which amounted to $495 million and which was to allow Crypto.com to display its brand for five seasons, was canceled at the last minute.

Crypto.com cancels its contract with UEFA

It could have been one of the lucrative deals in UEFA history: Crypto.com canceled at the last moment $495m Champions League deal. Present all around the world, Crypto.com is today one of the most important exchanges of which we have already made a complete presentation.

The deal was to allow Crypto.com to make its mark throughout the annual UEFA competitions over a period of 5 yearsfor $99 million per season. Thus, the exchange had to take the place of Gazproma giant of the Russian gas industry, whose sponsorship had been canceled in March by the governing body of European football following the conflict between Ukraine and Russia.

According to the information first revealed by our colleagues from Sports businessan agreement in principle had already been reached and the contract was about to be signed. Thus, this is about the latest cancellation to take place in UEFA history.

Although Crypto.com was forced to lay off 5% of its staff a few months ago following the difficulties caused by the bear market, the reasons given for the cancellation of this contract seem not to be financial.

Rather, according to Sport Business, it is due to the barriers encountered by the exchange with the various European regulatorsparticularly in France, concerning its trade and operating licenses.

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In the footsteps of FIFA and sport

Although this agreement with Crypto.com, which would still have allowed UEFA toearn almost double what Gazprom offeredhas been cancelled, the European Champions League is full of sponsors. We find among them PlayStation, Lay’s, Mastercard, FedEx or Just Eat among the official sponsors.

For its part, Crypto.com remains familiar with the sports field and in particular that of football after having concluded a partnership last March in order to become the fifa world cup exclusive crypto sponsor which will take place in Qatar from November 20.

His most impressive feat of arms will still remain theacquisition of the legendary Staples Center in Los Angeles for the pharaonic sum of 700 million dollars last November.

According Sunny SinghCEO of Van Hawke Agency, numerous sports marketing deals involving cryptocurrencies are currently on hold following the fallout from the bear market.

👉 Read also – Crypto.com Arena: The mythical Los Angeles Lakers hall will be renovated

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Source: Sport-Company

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