OKX Expands Manchester City Deal Amid Crypto Market Crisis
OKX, a cryptocurrency platform, has expanded its connection with Manchester City. The latest expansion makes OKX the club’s new official training shirt sponsor.
In 2022, the firm agreed to be the club’s official cryptocurrency exchange partner. Also, it would sponsor City’s trophy tour.
Meanwhile, OKX’s name will feature on the women’s and men’s training kits for the next season. Man City’s CEO, Roel de Vries, stated that:
“We are working together to better the fan experience. We had several exciting content activations ahead of high-profile matches during last season. We intend to continue to develop these chances next season as well.”
Meanwhile, the transaction’s financial details are still unknown. However, a source told Forbes the deal cost over $20 million for next season.
“Our relationship with Man City has created a terrific platform for us. We have the ability to educate individuals about crypto. Also, we can offer those already involved the right knowledge they need,” said Haider Rafique, OKX’s global chief marketing officer.
Sport Sponsorship To Hit $5 Billion By 2026
As stated by Nielsen, sports sponsorships in the crypto business might reach $5 billion by 2026. This would be due to the industry’s shifting landscape and massive growth.
Meanwhile, there have been some notable crypto-sport partnerships in 2022. This year, Crypto.com will serve as the event’s exclusive cryptocurrency sponsor during the FIFA World Cup.
Also, The Dallas Cowboys signed a partnership deal with Blockchain.com in April. This would make Dallas Cowboys the first American National Football League (NFL) club to have a crypto company sponsor.
However, some crypto businesses are reconsidering their partnerships. This is due to the crypto market downturn that has taken billions off the market valuation.
Deals Slow Down Due To Crypto Market Crisis
According to the New York Post, FTX pulled out of a sponsorship deal with the Los Angeles Angels because of market unrest. The New York Post also mentioned that a different collaboration between a cryptocurrency startup and the NBA’s Washington Wizards had failed for a similar reason.
Joe Favorito, a sports management professor at Columbia University, spoke to the media recently. He said he would be surprised if any new contracts were made during the crypto winter.
This is because he believes the market has come to a halt. However, OKX remains relentless. In June, the company said the market downturn wouldn’t stop it from continuing its expansion.
Despite the general market gloom, crypto firms including Kraken, Binance, and FTX revealed the intention to employ more workers. This is contrary to the move of other firms like Coinbase that had to lay off workers.
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