Tezos, one of the leading proof-of-stake blockchain platforms, has scored a training kit deal with professional English soccer club Manchester United, The Athletic reports.
The price of the XTZ cryptocurrency is up roughly 5%, outperforming the broader cryptocurrency market.
The deal, which is yet to be officially announced by the parties, is set to be worth more than £20 million ($27 million) a year.
Tezos will have the right to show off its logo on the club’s training kit. One of Europe’s most prestigious football clubs has already filmed promotional material for the partnership, as per the report.
United might also explore Web 3.0 as part of its collaboration with Tezos.
The club’s eight-year sponsorship contract with American insurance giant Aon expired at the end of the previous season.
Prior to Tezos, several other cryptocurrency projects were reportedly under consideration.
The Hut Group, a British e-commerce company, was in talks to secure a deal with the legendary soccer club last year, but the partnership fell through due to fans opposing the club’s owners.
United is currently controlled by the children of the late American entrepreneur Malcolm Glazer. Chairman Joel Glazer European faced severe backlash from fans last year over his highly controversial Super League plan.
As reported by U.Today, the English Premier League started scrutinizing cryptocurrency deals inked by its club after Manchester City signed and suspended a partnership with a dubious crypto startup that had no online presence.