Cryptocurrency exchange Crypto.com has reportedly pulled out of a $500 million sponsorship deal with the UEFA Champions League.
Crypto.com has pulled out of a $495 million deal with UEFA that was about to be signed, SportBusiness reported Wednesday. The company’s legal team said it was concerned about the exchange’s licensing in the UK, France and Italy. Had the deal gone through, Crypto.com’s logo would have been in the UEFA Champions League until 2027.
UEFA narrowly missed out on what would become one of the biggest sponsorships ever for the Champions League earlier this summer when a deal with the cryptocurrency platform fell through at the last minute, SportBusiness understands. https://t.co/nnD5CjmF8Z
— SportBusiness (@SportBusiness) August 31, 2022
The sports news platform reported that Crypto.com emerged as a potential sponsor after the Champions League distanced itself from Russian state-owned company Gazprom in response to the situation between Russia and Ukraine. After Russia’s attack on Ukraine, many European countries announced their intention to gain independence from Russia’s oil and gas supply so as not to support the Russian economy during the war.