Chelsea become the second club in the English Premier League to have a cryptocurrency platform as one of their main sponsors.
The Chelsea club have signed a £20m-a-year shirt deal with cryptocurrency investment platform WhaleFin.
Chelsea, who are currently undergoing a transfer of ownership, have faced significant financial challenges this season following sanctions imposed on Russian owner Roman Abramovic. The British government has sanctioned the billionaire because of his close ties to the Russian government.
— Chelsea FC (@ChelseaFC) May 12, 2022
Abramovic’s assets in the UK – including Chelsea, which he is due to sell – have been frozen due to the sanctions. The sanctions also led Chelsea sponsors, such as Three, Zapp, Parimatch and Hyundai, to cut their ties with the club.
It is the American billionaire Todd Boehly who will take over the club for an amount of 3 billion euros. However, the deal – which is expected to be finalized this month – is pending government and Premier League approvals.
However, reports have confirmed that the shirt sleeve sponsorship deal predates this takeover. The deal is believed to have been signed since January, when Abramovic was still in charge.
WhaleFin is a cryptocurrency platform owned by Singapore-based Amber Group. With this deal, Chelsea becomes the second club in the English Premier League to have a cryptocurrency platform as one of its main sponsors.
In February, Manchester United signed a £20m-a-year deal with blockchain network Tezos. This deal saw the Tezos logo appear on the club’s training shirts.
In addition, several other clubs in Premier League are involved in crypto in one way or another, including some of the league’s top clubs like Manchester City and Arsenal – both of which have crypto-tokens as supporters.
At least 17 of the league’s 20 teams have partnerships with cryptocurrency companies.
Meanwhile there are rumors that Liverpool are in talks for a £70m a year main shirt sponsorship deal with one of the interested parties being a crypto company, here we are talking about Binance who would like to mark a major media coup.