Matt Damon-backed crypto exchange Crypto.com has backed out of a multi-year sponsorship deal with the European Champions League (UEFA) worth roughly 100 million euros per year ($99 million) at the “last moment”.
The agreement was said to be for five seasons and would have cost the crypto exchange $495 million in total.
Crypto.com has been identified as a potential replacement for Gazprom. It is a Russian natural gas company whose contract was canceled in March following Russia’s invasion of Ukraine.
The UEFA Champions League and Crypto.com had reached an agreement in principle, and the two parties were close to signing the long-form contract.
According to reports, the ongoing crypto bear market is not thought to have caused the negotiations to fall through.
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The problem is related to the legal advice the company received regarding its discussions with national regulators in key markets such as the United Kingdom, France, and Italy about the scope of its trading and operating licenses.
