Whalefin have decided to end their partnership with Chelsea F.C. and the Blues will have to find a new sponsor in the future.
The Singapore-headquartered crypto exchange company will remain as Chelsea’s shirt sponsor until the end of the season but will terminate their partnership before 2023-24. The partnership is valued at around £20m per season.
However, Chelsea have not ruled out the possibility of partnering with another cryptocurrency firm in the future. Despite the early termination of their deal with Whalefin.
But the main reason behind the termination is the company’s collapse of the FTX exchange, which has left £2 billion in consumer funds unaccounted for. However, Chelsea are not excluding any crypto company in their hunt to find a new sleeve sponsor.
Football Finance Expert Keiran Maguire has criticised the situation and stated that:-
“Football clubs have realised that we’re now at max broadcast revenues, with modest growth at most to look forward to.
“As far as commercial sponsors are concerned, we’re seeing deals being renewed but not with increased money. The only way to increase matchday sales is to increase prices and fans are reluctant.”
Chelsea knows the fact that they need to squeeze every last penny from commercial negotiations given their huge transfer expenditure this season.
The Blues are also looking for a shirt sponsor, but they are less likely to go with a crypto firm in this matter. New Owner Todd Boehly needs to find sponsor deals that will be healthy for the club’s development. The deal also needs to be lucrative for the club.
However, Chelsea have not yet commented on the situation.
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