The soccer team known as Chelsea FC is no stranger to forming strategic alliances with companies involved in the cryptocurrency industry. Recently, the club announced the addition of a new partner to its roster, and this time, it was the cryptocurrency trading platform WhaleIn.
This C$32M partnership contract will see the cryptocurrency business on the shirts of the Blues, replacing Hyundai as the team’s jersey sponsor. This deal comes after the football club made attempts to recover from a string of sponsor pullouts.
The abrupt withdrawal of key sponsor Roman Abramovich, a Russian billionaire who came under severe assault from Western sanctions due to his close links to President Vladimir Putin, marked the beginning of said pullouts. Roman Abramovich is a Russian businessman. After this information became public, sponsors such as Parimatch severed their ties with Abramovich in order to comply with what was being done.
The manager of Liverpool FC, Jurgen Klopp, recently addressed the strained relationship that exists between clubs and their sponsors by posing the rhetorical question, “Did we ever care where the money came from?”
Recently, Chelsea was praised by Parimatch for donating to the company’s objective to aid Ukraine’s soldiers and humanitarian operations in the battle against Russia. Parimatch’s aim is to support Ukraine’s military and humanitarian endeavors.
“This sponsorship aligns us with one of the most advanced digital asset companies in the world,” said the CEO of Chelsea FC, Guy Laurence, who feels that the association with one of the top trading platforms for crypto currencies like Bitcoin is a significant step forward for the club. Not only will Amber Group be able to communicate with the hundreds of millions of people who love Chelsea, but they will also be able to be seen by the billions of people that watch Premier League games every season.
Despite the fact that the football club reported a deficit of 240 million Canadian dollars for the fiscal year 2020-2021,
there is little doubt that the partnership money will be put to good use. Approximately at the same time, businessman Todd Boehly, who is also a shareholder in DraftKings, has indicated that he is considering purchasing the football club.
One of the most significant cryptocurrency exchanges, Binance, has also investigated the possibility of a takeover after making contact with Raine Group; but, as of the month of May, there has been no movement toward a deal.