Sources: Chelsea could now strike controversial new deal as £20m-a-year contract terminated
Chelsea have not ruled out the possibility of partnering with another cryptocurrency firm despite the early termination of their deal with WhaleFin, sources have told Football Insider.
WhaleFin will remain in situ as Chelsea’s sleeve sponsor until the end of the season, but the Singapore-headquartered crypto exchange has taken the decision to end the partnership before 2023-24.
The alliance was worth around £20m per season, making it the most valuable of its kind in the Premier League.
But the company is cutting back on its sponsorship portfolio in the wake of its exposure to the collapse of FTX, which has left $2billion in consumer funds unaccounted for.
The Chelsea-WhaleFin deal has been criticised by industry experts such as Football Insider‘s Kieran Maguire, who believes a lack of regulation within the crypto sector and market volatility should make it a no-go for football clubs.
However, it is understood that Chelsea are not excluding crypto companies in their hunt for a new sleeve sponsor.
The Blues are also searching for a new front-of-shirt sponsor, but they are less likely to get into bed with a crypto firm in that department.
The West Londoners are acutely aware of the need to squeeze every last penny from commercial negotiations given their extraordinary transfer spend this season.
It is partly for that reason that they do not feel in a position to be able to be picky when it comes to striking a deal in what is their second-most-lucrative sponsorship category.
In other news, Chelsea agree £20m-plus deal for wonderkid Kendry Paez.