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Market News WhaleFin Will Be Sued by Atletico Madrid for Unpaid Sponsorship Fees

WhaleFin Will Be Sued by Atletico Madrid for Unpaid Sponsorship Fees

A €20 million lawsuit is filed by Atletico Madrid against WhaleFin, an Amber Group-owned cryptocurrency exchange, for underpaid sponsorship fees. This follows in the footsteps of other European football clubs that have encountered comparable difficulties with crypto firms.

TOP1 Markets Analyst

2023-11-27

11300

As reported by CryptoPotato, Atletico Madrid, a Spanish football club, is allegedly preparing legal proceedings against WhaleFin, a cryptocurrency exchange based in Singapore, on the grounds of a breach of contract concerning €40 million ($44 million) in outstanding sponsorship fees. The club is pursuing damages of €20 million, alleging that WhaleFin has failed to meet its financial commitments as stipulated in a five-year contract for the 2022/23 season.

This legal challenge arises in the midst of Amber Group's, the proprietor of WhaleFin, financial difficulties. Reports surfaced in December 2022 that Amber Group's difficulties resulted in the termination of a $25 million-per-year sponsorship agreement with Chelsea FC of the English Premier League, just seven months into the agreement. Amid this period, the cryptocurrency trading firm headquartered in Singapore implemented a workforce reduction of around 300 employees and initiated the process of dismantling its retail activities.

The circumstances surrounding Atletico Madrid bear resemblance to predicaments encountered by other European football organisations in their associations with cryptocurrency companies. Similar sponsorship failures by Italian clubs Inter Milan and Roma with blockchain company DigitalBits resulted in the severance of connections between the two organisations. DigitalBits was unable to reimburse the clubs a total of €27 million ($30 million) in sponsorship fees. The DigitalBits logo was eliminated from the jerseys of Inter Milan and Roma as a result of ongoing payment failures.