Max E.Fri, Feb 4, 2022 8:20 PM
Tezos Becomes Manchester United's New Sponsor
Great Britain's largest football club Manchester United has negotiated a contract with New York-based blockchain platform Tezos, writes Calcio e Finanza. The promotional material is already present at the club's training center awaiting the official announcement.
Backed by the Tezos Foundation, Tezos is a decentralized cryptocurrency and blockchain platform. Blockchains like Tezos could be a way to perform computerized transactions more efficiently than current technology and help remove costly middlemen in the process. Compared to its competitors, Tezos presents itself as a more energy-efficient platform.
The logo of the company will appear on the training uniform of the team. Under the contract, which is designed for several years, Manchester United will receive more than £20 million a year (almost €24 million). The partnership may also include collaboration in the technology space, such as Metaverse or another Web3 project.
For Manchester United, the previous sponsorship deal with American insurance company Aon – worth £120 million for eight years – finished at the end of last season. Under this contract, the club received £15 million per year for eight years.
Manchester United carried out due diligence of the company before signing an agreement with Tezos. Such caution is not superfluous when clubs cooperate with companies related to cryptocurrency. So, earlier, Manchester City suspended its cooperation with the 3Key cryptocurrency startup, failing to find enough information about the company and its owners, and Barcelona terminated the contract with the Ownix NFT marketplace after the arrest of the owner of the company, Moshe Hogeg.
Manchester United is pleased that the brand's appeal has not waned despite the coronavirus pandemic and the team's not-so-successful results on the football field. The new agreement gives a good idea of the power of the Manchester United brand, and in general of the top English football clubs. Suffice it to say that the Manchester club would collect more from the sponsor due to the latter’s logo on the training kit than Inter and Milan derive from their respective jersey sponsors: £16 million for the Nerazzurri from Socios and £10 million for the Rossoneri from Emirates.
Manchester United is not the first club to sign an agreement with a cryptocurrency-related company. So, in September 2021, the Crypto.com payment platform became a sponsor of the French football club Paris Saint-Germain. At the end of January, Spartak announced a partnership with the Socios blockchain platform and the launch of its own fan token.