Chelsea look set to unveil the first sponsorship of Todd Boehly’s tenure, despite the temporary ban on the west London club to enter new contracts after the UK Government’s sanctioned Roman Abramovich. The Blues, fell under the Russian billionaire’s assets and wee therefore frozen, continue to operate under the strict conditions of special government licence.
The European Champions signed a deal worth £20m-a-year at the start of the year with a fast-growing cryptocurrency group called WhaleFin, according to Sky News. The report claims that the digital asset platform – owned by Singapore-based Amber Group – will be the club’s new shirt-sleeve sponsor.
Sky News add that aforementioned sponsor agreement is set to be announced May 12. WhaleFin will replace Hyundai on Chelsea players’ shirts from the start of next season, once the Boehly’s consortium are successful in their purchase of the west London club.
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Liverpool were previously linked with a deal to replace Standard Chartered as its main shirt sponsor from the sector. It will be the first time that Chelsea have dabbled with cryptocurrency.
Though it won’t be the first club to do so in the Premier League. Manchester United have a deal with Tezos, a blockchain group.
The report from Sky News outlining the Blues proposed crypto deal comes weeks after a similar scheme was raised as a call for concern among Arsenal fans. In the Gunners’ latest fan forum with key stake holders Josh Kroenke and Vinai Venkatesham, the north London side admitted to aiming Socio tokens – a cryptocurrency initiative – at fans from afar.
Arsenal’s ‘Socio tokens’ scheme looks to encourage fans to buy cryptocurrency tokens that offer ‘rewards’ and ‘benefits’ in return. Fans have made their feelings known towards the club and are unhappy – Kroenke and Venkatesham have since acknowledged the upset caused.
The cryptocurrency business is not short of funding, though its infamous risk and often extortionate buy-in at entry-level is often looked down upon.
Source by Football London