Top-tier Spanish football club Atletico Madrid is reportedly preparing to sue Singapore-based crypto exchange WhaleFin over the non-payment of €40 million ($44 million) in sponsorship revenue.
The club agreed a five-year deal with WhaleFin ahead of the 2022/23 season that would see the exchange installed as one of its main sponsors. However, it now claims that the company breached the terms of the contract by failing to pay up and is seeking €20 million ($22 million) in compensation.
Back in December 2022, it was reported that WhaleFin owner Amber Group was experiencing financial difficulty and had decided to terminate its $25 million-a-year sponsorship deal with English Premier League club Chelsea just seven months after it was agreed.
As reported by Calcio Finanza, the situation is similar to that affecting Italian clubs Inter Milan and Roma. Blockchain firm DigitalBits was dropped as sponsor by the two clubs after it failed to pay more than €16 million ($17 million) to Inter and €11 million ($12 million) to Roma.