FC Barcelona Rejects “Unethical” Cryptocurrency Sponsorship Deals
Cryptocurrencies dangled huge sums of money for Barcelona, but the professional football club has turned down their lucrative offers
Spanish professional football club Barcelona has passed several extremely lucrative shirt sponsorship deals offered by cryptocurrency companies, according to a report published by local daily sports newspaper Marca.
The legendary Catalan club’s board of directors has described the cryptocurrency sector as “speculative” and “risky”:
It is a speculative, risky, highly variable and unethical industry.
It has decided to settle for Swedish music streaming giant Spotify, even though the latter offered less money than the cryptocurrency firms that have approached Barcelona.
Earlier this month, Reuters reported that the club had signed a three-year deal worth $320 million after the protracted search for a new partner. The partnership, which hasn’t been officially announced yet, is said to be one of the biggest deals for shirt advertising. The streaming giant will feature its logo on the front of both the men’s and women’s team jerseys.
In 2016, Barca signed a major sponsorship deal with Japanese online retailer Rakuten, but it has now expired. Before that, it had joined forces with Qatar Airways.
One of the world’s richest football clubs has refused to sign a shirt sponsorship for more than a century. In 2006, it finally signed its landmark deal with the UN agency UNICEF.
Despite its recent refusal to sign a shirt sponsorship deal with cryptocurrency companies, Barcelona has not been particularly crypto-shy. In February 2020, it signed a global partnership agreement with blockchain platform Chiliz.
Earlier this year, English football club Manchester United recently signed a multimillion-dollar deal with Tezos.