Crypto.com cryptocurrency platform cancels its five-year, 500 million Euro sponsorship deal with the Champions League at the last minute UEFAAccording to SportBusiness.

According to the publication, the company was supposed to replace Gazprom as the title sponsor of the tournament. The European football organization terminated its contract with the Russian holding in March, following the Russian invasion of Ukraine.

Arrangements with Crypto.com meant that around €40 million from Gazprom, versus €100 million per season by the platform.

According to SportBusiness sources, the parties agreed on the deal in principle and were close to signing the deal. Supposedly, in the history of the football association this turned out to be the most advanced stage of negotiations, at which a commercial contract broke up.

The interlocutors of the publication emphasized that Crypto.com’s refusal to sponsor is not connected with the crisis plaguing the cryptocurrency market. The company has faced legal challenges in some key European countries, including the UK, France and Italy, regarding the scope of its licenses.

Phil Carling, managing director of the Octagon agency, noted the declining financial flow from the crypto industry to sports:

“Three months ago it was a hot industry and they were offering crazy money for bonus rights. We do not observe this in any of the processes we now support. I’m not saying forever, everything can come back. But for now, big money deals and breakthroughs are behind us in terms of the commissions we receive.”

According to the publication, Crypto.com has recently allocated more than $1 billion for sports sponsorship. Among other things, this includes agreements with:

Recall that it showed a record number of ads in February, along with Crypto.com, Coinbase, and FTX. final match. A 30-second post cost $6.5 million.

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