Chelsea to announce sponsorship with Cryptocurrency firm- Report

Chelsea are expected to reveal a new sleeve sponsor worth £20 million per year, and they are also contemplating replacing Three as the club’s principal shirt sponsor.

Next season, cryptocurrency business WhaleFin will replace Hyundai, which cancelled its sponsorship arrangement after the UK Government sanctioned Roman Abramovich.

The agreement, reached at the start of the year before Abramovich was sanctioned, represents a significant rise over the Hyundai arrangement, which was worth £50 million over four years.

Hyundai is said to be contemplating an alternate commercial contract with the club, while Three’s future as the team’s principal jersey sponsor is also in doubt.

Three Chelsea sponsors were the first to suspend their deal with the club when Abramovich was sanctioned, first requesting that their emblem be removed from the players’ jerseys and removed from the stadium.

That proved impossible, but it has revealed that, with only one year left on the Three contract, Chelsea had already begun the process of hunting for other sponsors.

WhaleFin, founded in 2017, is presently valued at £3 billion and has just agreed to become the jersey sponsors of Atlético Madrid for the next five years, at a fee of £40 million per year.