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Atletico Madrid Pursues Crypto Exchange Over Unpaid Sponsorship

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.

READ MORE: Who is Binance’s New CEO and What Are His Ties to Ripple?

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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