Crypto.com has pulled out of a massive sponsorship deal with the European Champions League (UEFA) at the "last moment" earlier this summer, SportBusiness reported today.
The deal was reportedly going to run for five seasons and would have cost the crypto exchange roughly 100 million euros per season, or $99 million a year, making the now-lost overall deal worth a hefty $495 million.
Prior to negotiations with Crypto.com, UEFA had been sponsored by Russian natural gas company Gazprom—a deal the league canceled in March following Russia’s invasion of Ukraine. Crypto.com had been slated to replace Gazprom.
Crypto.com negotiations did not fall through due to the ongoing crypto bear market, according to the report.
While its Crypto.com deal has dissolved, UEFA has plenty of other existing sponsors. According to its website, the league has active deals with Lay’s, Heineken, Mastercard, Fedex, and Sony PlayStation, to name a few.
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