In a growing trend of cryptocurrency companies entering sports sponsorships, Premier League champions Manchester City and London-based Tottenham Hotspur have recently announced partnerships with crypto exchanges for sleeve sponsorships.
For Tottenham Hotspur, the well-known crypto exchange Kraken has signed a multi-season agreement to become their sleeve sponsor. On the other hand, Manchester City has a similar deal with OKX, which began in the previous season.
Kraken’s partnership details, such as the duration and financial terms, were not disclosed. In contrast, OKX’s agreement with Manchester City reportedly cost the exchange $70 million over three years.
Last week, Kraken expanded its sports sponsorships by securing a deal with Spanish club Atlético Madrid, marking its presence in both the English Premier League and Spain’s La Liga. This move highlights the increasing interest of crypto companies in associating themselves with popular football clubs to enhance their brand visibility.
Rumors suggest that Kraken is in discussions to secure $100 million in funding by the end of the year in preparation for a potential initial public offering (IPO). The recent sponsorships with Spurs and Atlético Madrid are likely to play a significant role in supporting Kraken’s fundraising efforts and expanding its reach in the global market.
Summary of Crypto Sponsorships:
Club | Crypto Sponsor | Deal Details |
---|---|---|
Tottenham Hotspur | Kraken | Multi-season agreement (exact terms undisclosed) |
Manchester City | OKX | $70 million over three years |
Atlético Madrid | Kraken | New partnership expanding Kraken’s presence in La Liga |