Popular Spanish football club Atlético Madrid is getting ready to file a lawsuit towards cryptocurrency exchange WhaleFin for late payment of a shirt sponsorship deal really worth €40 million.
Atlético Madrid football club will sue cryptocurrency exchange WhaleFin soon after the platform delayed sponsorship payments, sources say.
At the start out of the 2022/2023 season, WhaleFin signed a shirt sponsorship contract for Atlético Madrid, underneath which the pitch brand will seem on the chest of the crew enjoying in La Liga for the subsequent five many years. The worth of this agreement is forty million euros (44 million bucks)/season.
Spanish football club Atletico Madrid is getting ready to sue Singapore cryptocurrency exchange WhaleFin, owned by Amber, for failing to pay out €40 million in sponsorship costs and will look for €20 million in damages , in accordance to Protos.https://t.co/rIBTjQPcZI
— Wu Blockchain (@WuBlockchain) November 24, 2023
In February 2023, the two events announced the early termination of the sponsorship agreement soon after WhaleFin’s mother or father enterprise, Amber Group, encountered troubles due to the collapse of the FTX stock exchange and the sudden departure of its founder. WhaleFin also had to ax its $25 million per season shirt sponsorship deal with Premier League club Chelsea in December 2022, just seven months soon after signing.
However, on 23 November, Atlético Madrid accused WhaleFin of breaching the contract and demanded €20 million in compensation.
A related point occurred in the Italian Serie A tournament, when even the blockchain enterprise DigitalBits was unable to pay out sponsorship payments really worth sixteen million euros to Inter and eleven million euros to AS Roma . Inter then had to perform the Champions League last of the 2022/23 season with no shirt sponsors, eventually dropping to Manchester City Club.
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