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Crypto.com has pulled out of a massive sponsorship deal with the European Champions League (UEFA) at the "last moment" earlier this summer, SportBusiness reported today.
The deal was reportedly going to run for five seasons and would have cost the crypto exchange roughly 100 million euros per season, or $99 million a year, making the now-lost overall deal worth a hefty $495 million.
Prior to negotiations with Crypto.com, UEFA had been sponsored by Russian natural gas company Gazprom—a deal the league canceled in March following Russia’s invasion of Ukraine. Crypto.com had been slated to replace Gazprom.
Crypto.com negotiations did not fall through due to the ongoing crypto bear market, according to the report.
While its Crypto.com deal has dissolved, UEFA has plenty of other existing sponsors. According to its website, the league has active deals with Lay’s, Heineken, Mastercard, Fedex, and Sony PlayStation, to name a few.
Since buying naming rights for the Crypto.com arena in Los Angeles for $700 million and its much-memed “Fortune Favors the Brave” advertisement with Matt Damon last year, the marketing department at the crypto exchange has kept busy.
Crypto.com has continued to venture into sports partnerships, signing a deal to sponsor the FIFA World Cup this year. The exchange is also a sponsor for the Philadelphia 76ers NBA team, and made a $100 million deal with Formula 1 racing.
But the exchange also suing a woman after sending her $10 million by accident. And Crypto.com has been mired in layoffs, with a first round back in June and a larger, second round of layoffs this month.
Regardless, the exchange appears to still be investing in expanding its reach. This month, Crypto.com was approved to operate in the United Kingdom and has plans to expand into South Korea as well.
Crypto.com and the UEFA have not yet responded to Decrypt’s request for comment.