The rise of bookmakers and online gambling in Spain in recent years had a special impact on football, through almost all its sectors. Clubs, soccer players, former soccer players, sports commentators, radio and television programs… Many actors who were making a killing sponsoring this type of company until the Government put a stop to them and they had to start looking for alternatives.
With a principle on similar occasions —going from asking among friends who they had bet on for this Sunday to asking why they had invested cryptocurrencies knowing little more about them than their name—, cryptocurrencies succeeded gambling as a financial oxygen balloon for the world of football. Both in the form of traditional sponsorships and tokens for fans, getting to be stamped their tickers in the zamarras of several clubs. A year after that trend was born, the problems on the part of some of these platforms begin.
Fan tokens and sponsorships not yet paid
And Socios.combased in Chiliz, was the one who achieved successful sponsorships such as those of Barça, Seville, Atlético, Juventus or PSG among other clubs; Battles, its competitor, stayed with Cádiz, Celta, Alavés, Espanyol, Betis (already replaced) or even the Spanish team, as well as the Brazilian team, among others. The group of the latter, those of Battles, is losing the game. For 4-0. In the 90th minute. The reason, defaults to sponsors what go back to the beginning of the year and have not yet been resolved.
According to the media specialized in the sports industry 2Playbook, the Turkish company has only made a first payment at the beginning of the seasonsomething that has motivated that the season is over complaints are beginning to be prepared. In some cases, it is preferred to wait until June 30, the date on which the sports course officially ends and many contracts expire.
From Bitci they point out that they have sufficient solvency, but that the reason for these defaults is in the law that President Erdogan has promoted in recent months, which although it is not yet in force, does threaten to suspend the activity of companies around cryptocurrencies. And hence the delay that continues.
The Royal Spanish Football Federation, the entity on which the national team depends, signed a three-year agreement with Bitci, with the option of two more, of two million euros per year in exchange for showing its logo on the training shirt. Also, tokens valued at 12.5 million euros that the federation could commission for each transaction. The current situation has caused the agreement to be broken prematurely: from the next academic year there will be no Bitci logo on the clothing of the national team.
⏰ Do you have the alarm set?
🙌🏻 Starting tomorrow you will be able to operate with the FAN TOKEN of the @SeFutbol 🙌🏻
– Spanish Soccer Team (@SeFutbol) August 27, 2021
At the club level, some had direct sponsorship deals, with the logo screen-printed on team clothing as well as other club items; and others just had the deal for the fan platform tokens. When July arrives we can wait, if there is no miraculous resolution with the debt of the pending amounts, several litigations of Spanish teams trying to recover the promised money.
Espanyol, for example, has already announced Sports world who will sue the company. In winter, the Portuguese Sporting de Lisboa and the Italian Spezia also announced the cancellation of these sponsorships prematurely. The first alluded directly to defaults.
In the past there were other similar cases, such as that of Iqonic, a company similar to Bitci that signed an agreement with Real Sociedad and ended up entering the liquidation phase, leaving a hole of 800,000 euros for the club white-blue.