Chelsea ‘to reveal cryptocurrency firm as new sleeve sponsor in £20m-a-year deal despite sanctions’

Chelsea will announce a massive £20million-a-year deal with cryptocurrency firm WhaleFin as their shirt sleeve sponsor, according to reports.

The Blues confirmed on their official website in the early hours of Saturday morning that American billionaire Todd Boehly and his consortium had signed an agreement purchase the club, following the UK Government’s approval. 

He has partnered with fellow Dodgers owner Mark Walter, Swiss billionaire Hansjorg Wyss as well as investment firm Clearlake Capital. 

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And as reported by Sky News, the Premier League side are now set to confirm a lucrative deal with burgeoning group WhaleFin, who will replace South Korean car firm Hyundai.

Chelsea are set to announce cryptocurrency firm WhaleFin as their new shirt sleeve sponsor

The deal will be a big boost for Chelsea, worth £20million a year to the Premier League side

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Exclusive: Chelsea FC has struck a £20m-a-year shirt-sleeve sponsorship deal with WhaleFin, a cryptocurrency group, that could be announced as early as tomorrow. Although the club continues to operate under the strict conditions of its government licence, the partnership… 1/2

— Mark Kleinman (@MarkKleinmanSky) May 11, 2022

WhaleFin is a digital asset platform owned by Amber Group, a company based in Singapore.

Sky sources claim the deal, which is expected to come into effect this summer ahead of the 2022-23 season, could be formally unveiled as soon as Thursday morning.

It would be the club’s first official move into the crypto market, weeks after Liverpool were linked with picking another such firm to replace their main shirt sponsor, Standard Chartered, and after Manchester United made a deal with blockchain group Tezos. 

Todd Beohly (middle) is leading a consortium which sealed its Chelsea takeover on Saturday

Government sanctions placed on Chelsea due to previous owner Roman Abramovich did not allow him to financially profit from ownership of the club. 

It is reported that this sponsorship deal was signed in January, before the Government sanctions came into force.

Cryptocurrency firms are staking large amounts of money in the attempt to develop their brands, with WhaleFin also paying around £35m a year to sponsor the shirts of Spanish side Atletico Madrid.

Chelsea are also thought to be considering replacing their main shirt sponsor 3 UK. 

Chelsea declined to comment, and Amber Group could not be reached for comment.

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  • Chelsea to unveil £20m-a-year shirt deal with cryptocurrency brand WhaleFin | Business News | Sky News