Club Atlético de Madrid: WhaleFin (crypto) ends its main shirt sponsorship agreement (press)

WhaleFin, a cryptocurrency trading platform owned by Amber Group (SGP), is terminating its main shirt sponsorship deal with Club Atlético de Madrid (LaLiga Santander), according to the Spanish sports daily Mundo Deportivo on 14/02/2023. The contract, valued at €42m per season, was initially to run for five seasons (2022-2027).

WhaleFin succeeded the British brokerage company Plus500, main shirt sponsor of the Madrid club for the 2015-2022 cycle (€15m per season), from the 2022-23 season. This new agreement enabled Atlético Madrid to triple the amount paid by its previous sponsor. It was also the 10^th most lucrative shirt sponsorship deal in the European Top 5 in 2022-23, tied with Juventus FC (Serie A TIM) and Jeep (2012-2024).

WhaleFin is said to have asserted a clause in its contract with Atletico Madrid that provides for the possibility of terminating the contract if the cryptocurrency market were to collapse, according to information from Mundo Deportivo. Like many companies in the sector, Amber Group is reviewing its operations following the bankruptcy of the FTX platform, which…