Defending European Champions League champions Chelsea Football Club have signed a £20 million a year shirt deal with cryptocurrency investment platform WhaleFin.

Chelsea, which is currently in the process of transferring ownership, has faced significant financial challenges this season after sanctions about its Russian owner Roman Abramovic. The UK government sanctioned the billionaire due to his close ties to the Russian government.

Abramovic’s assets in the The UK, including Chelsea, which was planning to sell, was frozen due to sanctions. The sanctions also led to Chelsea sponsors such as Three, Zapp, Parimatch and Hyundai cutting ties with the club.

According to available information, American billionaire Todd Boehly will take over the club in a £2.7bn deal. However, the deal, which is expected to be finalized this month, is pending government and Premier League approvals.

However, reports confirmed that the shirt sleeve sponsorship deal predates this acquisition. The agreement is believed to have been signed since January, when Abramovic was still in charge.

WhaleFin is a cryptocurrency platform owned by Singapore-based Amber Group. With the deal, Chelsea becomes the second English Premier League club to have a cryptocurrency platform as one of its main sponsors.

In February, Manchester United signed a £20 million a year deal with the Tezos blockchain network. The deal saw the Tezos logo appear at the football club’s training ground.

Additionally, several other EPL clubs are involved in crypto in one form or another, including some of the top clubs in the league like Manchester City and Arsenal, both of which hold fan tokens.

At least 17 of the 20 teams in the league have some association with crypto companies.

meanwhile there is rumors that Liverpool are in talks over a £70m a year home shirt sponsorship deal, and one of the interested parties is a cryptocurrency company.

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This post Chelsea’s new shirt sponsor is a crypto platform

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