Spanish top football club Atletico Madrid is reportedly preparing to sue Singapore-based cryptocurrency exchange WhaleFin over failure to pay €40 million ($44 million) in sponsorship revenue.
The club has agreed a five-year deal with WhaleFin ahead of the 2022/23 season, making the exchange one of its main sponsors. However, the club now claims the company breached contract terms by failing to pay sponsorship fees and is seeking €20 million ($22 million) in damages.
According to reports in December 2022, WhaleFin’s owner Amber Group was facing financial difficulties and decided to terminate the contract with English Premier League club Chelsea seven months after reaching a $25 million one-year sponsorship agreement.