3.3 C
London
Sunday, April 18, 2021

Southampton Reaches Landmark Cryptocurrency Deal That Could Allow Club To Pay In Bitcoin

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Southampton’s shirt sponsor has offered to pay them performance bonuses in the Bitcoin cryptocurrency after expanding its partnership with the club.

Coingaming Group, whose Sportsbet.io brand quickly became Saints’ main partner after abruptly abandoning LD Sports just before the start of the season, has reached an agreement for an additional three years.

Hailing the sponsorship deal as the largest in club history, Southampton said it “also included the possibility for the club to receive certain performance-based bonuses in Bitcoin at the end of each season, allowing the club to receive certain performance-based bonuses in Bitcoin at the end of each season. club to take advantage of the new high-growth currency if it believes it will bring significant future benefits ”.

READ  Joe Biden ready to head to border as US migrant crisis escalates
READ  Carrot-Shaped Butter Cookies Recipe

Southampton Commercial Director David Thomas said: “The Sportsbet.io team have built a successful business by defying convention and disrupting the market, but in a responsible manner, and their approach to our partnership with them has failed. was no different. In a short period of time, they have proven to be innovative, forward-thinking and extremely supportive of the club, our fans and the community at large, and we have appreciated the opportunity to develop and promote safe gaming messages together. As such, they have become valuable partners and we look forward to the next chapter together. “

READ  Lockdown rules in Wales: What are the latest 'stay local' restrictions?

Southampton decided in August to end what was a three-year contract with LD Sports amid fears over future funding and fail to “get confirmation” that it was “still a suitable and viable partner”.

READ  Lockdown rules in Wales: What are the latest 'stay local' restrictions?

The Chinese company was only a year into the deal and although Southampton received the full payment of £ 6.5million for the first season, concerns have grown over whether the company would be able to fulfill the contract. They said that attempts had been made to obtain assurances, but these were not satisfactory.

READ  Bike bombers: two-wheeled suffragists and thwarting Adolf Hitler in WWII

The decision led them to carry out urgent testing on replica kits to see if they could replace the sponsor’s logo with Sportsbet.io or if they should provide fans with new jerseys.

Sportsbet.io also sponsors Watford and the Brazilian club Flamengo.

.

More articles

15,129FansLike
4,596FollowersFollow

Latest article