English Premiership side Chelsea FC, in an announcement today, disclosed its new shirt sponsorship deal with Amber Group-owned digital asset platform WhaleFin. The deal is worth £20 million a season and is expected to kick off in the 2022/2023 season.
The £20 million deal is coming after the premiership side lost several lucrative deals with some of its sponsors in March following the sanctions from the UK government on its former owner, Roman Abramovich for his alleged ties with Russia’s President Vladimir Putin after the country invaded Ukraine.
Abramovich has since been forced to put up the club for sale; it has now been acquired by an investor group fronted by Todd Boehly. WhaleFin will now replace South Korean carmaker Hyundai as Chelsea’s shirt sponsor, making this the team’s first foray into the cryptosphere.
What the deal means for WhaleFin
In its quest for global recognition, WhaleFin with its logo crested on both Chelsea’s men’s and women’s team kits will enjoy a wide range of followership and publicity as millions of people follow the English premiership every season.
Amber Group’s Micheal Wu mentioned that he is thrilled with the Chelsea partnership and the firm will leverage football’s ability to unite a global audience irrespective of the language, culture, or tradition to offer crypto finance to a wider range of users.
Aside from its deal with the Blues, WhaleFin also has a shirt deal worth £40 million with Atletico Madrid, a Spanish top-flight football team. WhaleFin, established in 2017 is a digital investing platform backed by Amber Group. It offers a range of investing and lending tools to its users
The romance between crypto firms and English premiership clubs
A number of crypto firms have entered into partnerships with football clubs especially premiership sides as part of plans to develop their brands as the league has a very large following, cutting across several races and languages.
Manchester United has partnered with blockchain startup Tezos to become the club’s digital partners.
Reigning champions, Manchester City named OKX as its official digital currency exchange partner while Liverpool FC was also reportedly shopping for a crypto firm to replace Standard Chartered as sponsor for its team’s shirt.