Social trading provider eToro has announced a very significant football sponsorship deal. The company is partnering with not one, but seven Premier League teams. On top of that, the sponsorship agreement that has been closed by the company will be paid to the teams in bitcoin.
According to estimates made by Finance Magnates, the deal is worth somewhere between £4 ($5.16 million) and £5 million ($6.45 million). As a part of the deal, eToro will partner with Tottenham Hotspur (currently ranked #5), as well as with Brighton & Hove Albion F.C., Cardiff City F.C., Crystal Palace F.C., Leicester City F.C., Newcastle United F.C. and Southampton F.C. The identity of the teams and the size of the deal could be the biggest football sponsorship deal in the industry so far.
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The significant $100 million investment which eToro received in March, valuing the firm at $800 million is being put to good use. Earlier this year, the company opened its doors to the US market, where it is offering a strictly-focused crypto portfolio. The rising popularity of football in the United States has no doubt played an important role in eToro’s decision to commit such significant resources to a football sponsorship deal.
? #CPFC ? are pleased to announce a partnership with global investment platform eToro.
— Crystal Palace F.C. (@CPFC) August 21, 2018
“We make history by being the first company ever to pay for a Premier League partnership in bitcoin,” said the UK Managing Director at eToro, Iqbal V. Gandham.
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The strategy was planned and negotiated by SportQuake, the specialist sports marketing agency. eToro will be granted access to a full range of sponsorship assets, including player access, digital rights, tickets, LED perimeter boards and interview backdrops to build a global campaign including TV, digital and social exposure.
? PARTNERS: We’re delighted to welcome @eToro to our family of commercial partners.
— Newcastle United FC (@NUFC) August 21, 2018
The Founder and CEO of SportQuake Matt House elaborated that research showed strong synergies between eToro and The Premier League.
“Through a properly planned and bought campaign, eToro could steal a march on their competitors and put the brand, Bitcoin and blockchain at the heart of The Premier League conversation worldwide,” House commented to Finance Magnates.
The founder and CEO of eToro, Yoni Assia has been actively engaged in the crypto space. The company’s latest venture into UK football is boosting further the valuable effort which the company put into popularizing its crypto offering worldwide.