December 12 – The crypto winter has taken another casualty with Chelsea sleeve sponsor Amber Group, who display their Whalefin logo, reportedly ending their £20 million-a-year deal just seven months after it started.
Whalefin replaced Hyundai as the Premier League club’s sleeve sponsor, the first major sponsorship agreed under new owner Todd Boehly.
When the deal was announced there was no term given. It is unclear whether the deal for Whalefin was for a single season and whether there is an exit clause.
Amber Group have been hit by the collapse of the FTX exchange and are reportedly to be losing 40% of their staff.
Whalefin has also been on the front of Atletico Madrid’s shirt this season in a five-year £35 million per season deal, the largest in Atletico’s history.
Both clubs look likely to be seeking new sponsors for next season.
Crypto analysts Lookonchain calcualte that Amber Group is on the verge of bankruptcy. It says six wallets allegedly owned by Amber have just $9.46 million in assets between them. Amber’s website claims it has over $5 billion on its platform and is responsible for $1 trillion of trading.
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