Chelsea FC deepens crypto ties with C$32M WhaleIn deal

by Ralph Trayfalgar Updated:

Chelsea FC soccer club is no stranger to partnerships with crypto firms; and now it has added another partner to its list - this time being the cryptocurrency trading site WhaleIn. 

This C$32M partnership deal will see the crypto firm on the jerseys of the Blues, replacing Hyundai as the club’s jersey sponsor, and follows the football club’s moves to recover from a series of sponsor pullouts. 

Said pullouts began with the sudden departure of major sponsor Roman Abramovich, a Russian businessman who came under heavy fire by Western sanctions due to his close ties to President Vladimir Putin. Sponsors like Parimatch followed suit after this revelation in order to sever their association with Abramovich. 

Liverpool FC manager Jurgen Klopp addressed the tense connection between teams and their sponsors, asking rhetorically, "Did we ever care where the money came from?"

Chelsea was recently thanked by Parimatch for donating to the company's mission to help Ukraine's soldiers and humanitarian efforts in the conflict against Russia.

Chelsea FC CEO Guy Laurence believes the collaboration with one of the largest trading sites for crypto currencies like Bitcoin, is a positive step forward for the club, saying, “This sponsorship aligns us with one of the most advanced digital asset companies in the world. Amber Group will have the ability, not only to talk to Chelsea’s hundreds of millions of supporters, but also to be seen by the billions who tune into the Premier League every season.”

The football club will definitely find a use for the partnership funds, especially after reporting a loss of C$240 million in FY 2020-2021. Around the same time, businessman Todd Boehly (also a shareholder in DraftKings) has expressed interest in acquiring the football club. 

Binance, one of the largest cryptocurrency exchanges, has also looked into a potential buyout after attempting to contact Raine Group, but as of May, no progress has been made. 

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