Atletico Madrid Pursues Crypto Exchange Over Unpaid Sponsorship

Atletico Madrid, a prominent Spanish football club, is taking legal action against a Singapore-based crypto exchange, for allegedly failing to fulfill its sponsorship commitment worth €40 million.
The club had entered a five-year agreement with WhaleFin for the 2022/23 season, intending to make the exchange one of its primary sponsors.
However, Atletico Madrid claims that WhaleFin breached their contract by not meeting payment obligations and is now pursuing €20 million ($22 million) in damages.
This scenario mirrors a pattern seen with other clubs like Inter Milan and Roma in Italy.
Both clubs terminated their agreements with blockchain firm DigitalBits due to non-payment, with Inter owed over €16 million and Roma owed €11 million.
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Earlier in December 2022, WhaleFin’s owner, Amber Group, faced financial challenges and decided to end its $25 million annual sponsorship deal with English Premier League club Chelsea, merely seven months after its inception.