Southampton Football Club has signed a new sponsorship deal with cryptocurrency-based betting operator Sportsbet that includes the option of being paid performance-based bonuses in Bitcoin.
In its announcement, the Premier League club says that it will be able to take advantage of "the high-growth currency":
The deal is the biggest sponsorship agreement in the club's history and also includes the option for the club to be paid certain performance-based bonuses in Bitcoin at the end of each season, allowing the club the opportunity to take advantage of the new, high-growth currency if it feels it will bring significant future benefits.
The initial shirt sponsorship deal between Southampton F.C. and Sportsbet was announced last August during the start of the 2020-2021 season.
Apart from a fixed fee, sponsors of big-name soccer clubs usually have to shell out royalty payments and performance-based bonuses.
Crypto permeating the sports industry
Cryptocurrencies have already proliferated across the European soccer scene. In January 2018, during the peak of the initial coin mania, Arsenal inked a deal to promote CashBet's ICO.
Last year, Catalan soccer club FC Barcelona launched its own token to boost fan engagement.
Alex DovbnyaThings are no different across the pond. In late December, NFL player Russell Okung started receiving half of his salary in Bitcoin, while seven-time Super Bowl winner Tom Brady is now launching his own NFT company.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov