Chelsea have signed a sponsorship deal with the Crypto trading platform

Chelsea Football Club has signed a ሚሊዮን 20million shirt-sleeve sponsorship deal with Digital Asset as the Premier League team prepares to move on under Roman Abramovich.

WhaleFin, a trading and lending platform, according to someone familiar with the matter, has agreed to sponsor the London Club from next season.

The deal appeals to Chelsea because Abramovich won last week’s bid and is awaiting a special permit from the British government to complete the sale of a group of investors led by Todd Bolly.

“Chelsea and Walfin agreed to a deal in January, a month before Russia invaded Ukraine,” the man said.

The war forced Abramovich to sell the club, and he was fined. Chelsea currently have a special ban on the sale of new goods, as well as a freeze on the club’s revenue.

But such promotional deals show how football clubs are negotiating with crypto platforms to increase their business revenue.

Premier League rivals Manchester United have agreed a training kit sponsorship deal with blockchain company Tezos in February. Next month, then-champions Manchester City announced an international partnership with crypto exchange OKX.

Chelsea and other Premier League clubs have over £ 10bn worth of broadcast deals over the next three seasons and social media accounts with millions of followers. That balance has helped sports teams increase sponsorship revenue through crypto partnerships.

The e 2.5 billion acquisition of Boehly Group, investment firm Clearlake Capital, Gugenheim Partners CEO Mark Walter and Swiss billionaire Hansjor Wise Chelsea will be frozen and frozen in UK bank accounts.

The government has insisted that Abramovich cannot benefit from the proceeds, and Oligarch has pledged to donate the money to charity.

The club plans to invest an additional £ 1.75bn in Chelsea.

The club is looking for a new flagship sponsor following the decision by the United Kingdom to suspend its three partners after Abramovich was fined by the United Kingdom in March.

With 40,000 spectators at Stamford Bridge Stadium, much smaller than major European rivals such as Real Madrid and Bayern Munich, there is further pressure on Chelsea to make money.

Chelsea’s business revenue reached 3 153 million during the 2020-21 season, accounting for 35% of its total revenue of £ 434mn. The club made most of its revenue from broadcasting deals worth £ 273m.

However, after Abramovich bought the club for 140 140m in 2003, he spent two decades at the club, winning major trophies in the sport, including the UEFA Champions League and the English Premier League.

Singapore-based Amber Group owns WhaleFin. Amber shareholders include Singapore Temesek Investment Group, Sekoya China, Pantra Capital, Tiger Global Management, Tru Arrow Partners and Coinbase Ventures.

Amber, which trades on behalf of customers, raised $ 200mn from investors in February, among other crypto services, with an estimated $ 3 billion in financial support.

WhaleFin is an application for Amber consumers. The sponsorship deal was first reported by Sky News.

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