Chelsea looks set to lose its £20m-a-year sleeve sponsorship with Amber Group as the crypto crash continues to have a devastating impact on the industry.
The Premier League side has displayed the logo of Amber Group’s cryptocurrency platform Whalefin, having agreed a deal at the beginning of the 2022/23 season.
However, Bloomberg are reporting Amber Group has hit choppy waters following the crypto collapse and its partnership with both Chelsea and Spanish side Atletico Madrid looks set to end imminently.
Whalefin replaced automotive brand Hyundai following the arrival of Todd Boehly as owner of the west London club but crypto analysis tool Lookonchain has tipped Amber Group for bankruptcy.
The exchange is reportedly losing 40% of its staff and sports sponsorships are a luxury Amber Group can no longer afford as its cost cutting strategy takes precedent.
Atletico’s front-of-shirt partnership deal with Whalefin was the biggest in its history at £35m per year across five years but its days are clearly numbered.
It remains to be seen whether both clubs will be able to fill the financial void left by the Amber Group’s withdrawal before the end of the season.
Domestic football returns at the end of the month with current attention on the World Cup taking place in Qatar. France are the current favourites to lift the trophy after their win against England.
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