Crypto.com Cancels $495M UEFA Champions League Sponsorship Deal: Report

The crypto exchange reportedly stepped in as a potential sponsor after the Champions League dropped Russian state energy company Gazprom. New

Cryptocurrency exchange Crypto.com has reportedly dropped a half-billion dollar sponsorship deal with the Union of European Football Associations Champions League.

According to a Wednesday report from SportBusiness, Crypto.com has pulled out of a $495 million deal with the Union of European Football Associations, or UEFA, that was set to be signed in due to its legal team citing regulatory issues with the exchange. licenses in the UK, France and Italy. Had the deal gone through, Crypto.com's brand would have been in the UEFA Champions League for five seasons at a cost of around $100 million per season, ending in 2027.

UEFA narrowly missed out on what was expected to be one of its biggest Champions League sponsorships earlier this summer when a deal with the cryptocurrency platform fell through at the last moment, SportBusiness understands. https://t.co/nnD5CjmF8Z

The sports newspaper reported that Crypto.com stepped in as a potential sponsor after the Champions League dropped Russian state energy company Gazprom in response to the country's invasion of Ukraine. As a result of Russia's actions, many parts of Europe announced their intention to become independent of the country's oil and gas supply in order to refrain from helping its economy during the war.

Crypto.com previously announced major sponsorships for sites and sports teams and paid millions of dollars in advertising fees. The firm featured actor Matt Damon in its "Fortune Favors the Brave"