Crypto.com has reportedly canceled a $495 million sponsorship deal with the Union of European Football Associations Champions League.
As reported on Wednesday from According to SportBusiness, Crypto.com withdrawfrom a $495 million deal with the European Football Association (UEFA). The deal is close to being signed as the legal team cited regulatory concerns about licensing exchanges in the UK, France and Italy. Crypto.com branding will be offered for five seasons of the UEFA Champions League at an estimated cost of $100 million per season. which will end in 2027
The sports news agency reports that Crypto.com will step in as a sponsor of Russian energy company Gazprom in response to the Russian invasion of Ukraine.
Crypto.com previously announced its main sponsorship for stadiums and teams, and it has paid millions of dollars in advertising costs. It also hired actor Matt Damon to appear in the TV spot “Fortune Favors the Brave,” which premiered in October.
In 2021, the company partnered with Formula 1 for the Sprint series, having previously agreed to sponsor the Aston Martin team in racing and signed a 20-year, $700 million deal to rename the Los Angeles Staples Center. Listed is the Crypto .com Arena and in 2022 also launched a five-year sponsorship deal with the Australian Football League for $25 million and became one of the official sponsors of the World Cup in Australia. Qatar
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