Atletico Madrid, one of Spain’s well-established football teams, filed a lawsuit against Singapore-based crypto exchange WhaleFin for $44 million in sponsorship income.
As cryptocurrency adoption increases, it increases its interaction globally. Many organizations, foundations and startups are turning to the crypto sector. Especially sports organizations make large sponsorship agreements with crypto organizations.
Singapore-based crypto exchange WhaleFin is in trouble with a lawsuit filed by Atletico Madrid. Atletico Madrid, one of Spain’s strongest football teams, filed a lawsuit against WhaleFin for not paying $40 million in sponsorship income.
Atletico Madrid is after sponsorship income!
Spanish football team Atletico Madrid filed a lawsuit against Singapore-based crypto exchange WhaleFin, with which it had a sponsorship agreement. The main subject of the case was that Atletico Madrid could not receive the $40 million fee included in the contract from the stock exchange.
Crypto exchanges and projects continue to interact with organizations that have a place in global markets and maintain their presence in different sectors. Sponsorship agreements, in particular, are known as one of the biggest interactions.
WhaleFin also made a large sponsorship agreement with Atletico Madrid. Ahead of the 2022/2023 season, Atletico Madrid signed a five-year agreement for WhaleFin to become the main sponsor. However, the football club argued that the stock exchange violated the contract by not making payment and preferred litigation. Atletico Madrid is demanding $22 million in compensation from WhaleFin, owned by Amber Group.
In December 2022, Amber Group canceled its sponsorship agreement with Chelsea due to financial difficulties. The company made a $25 million sponsorship agreement with Chelsea and this agreement lasted only 7 months.
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