- Several entities in the crypto sector presented offers, but the football club turned them down
- The Catalan club is said to be in the final stages of sealing a deal with Spotify
Cryptocurrencies have gained mainstream adoption over the last couple of months, leading to an intersection between the industry and other niches. Notably, cryptocurrency firms and brands have injected huge sums into various sports, especially in the US and Europe.
For the former, crypto platforms have targeted the major professional sports leagues, including the NBA and MLB. In Europe, crypto entities have eyed top professional football clubs as they guarantee a lot of exposure crucial for brand awareness. Earlier this month, Tezos announced an agreement with Premier League club Manchester United that will see the club’s training kit bear the Tezos brand.
Barcelona is not open to crypto sponsors
In anticipation of the expiry of the arrangement with current sponsors Rakuten, FC Barcelona has been out to score another deal. Being one of the biggest clubs in the world, Barcelona has attracted many potential sponsors that are willing to shell out a huge amount of funding to take over from Rakuten in July.
Cryptocurrency entities have not been shy to table their offers. Reports suggest that crypto exchange Binance and blockchain platform Polkadot showed interest in becoming the next main jersey sponsors for the club.
Polkadot offered $110 million for a five-year period, while Binance is said to have tabled a 4–5-year deal worth around $80 million. Outside the crypto sector, the club has seen interest from other brands like Spotify and Vegan Nations, with the former touted to emerge at the top.
However, according to a Tuesday report from Spanish sports outlet Sport, the club’s president Joan Laporta is not looking to establish ties with entities in the cryptocurrency sector, notwithstanding their lucrative offers.
The report didn’t categorically mention Binance or Polkadot though they presented their offers last month. The club’s board pointed to the “lack of confidence in the sector and the lack of economic solidity of the proposals” as the rationale for turning down the crypto deals.
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Tagged: Binance, business, crypto blog, Crypto news, Polkadot