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There are reports that the Spanish football club FC Barcelona has rejected all sponsorship bids from crypto-related firms. FC Barcelona also referred to as Barça, has rejected various sponsorship bids from cryptocurrency companies over the past few weeks. It has also reportedly agreed to a sponsorship deal with Spotify’s online audio-streaming service.
Binance and Polkadot were amongst the cryptocurrency firms whose sponsorship bids were turned down by the Spanish club. They submitted their proposal bids earlier in January but have now lost to Spotify, who secured the deal with FC Barcelona.
Barcelona turns down Crypto Sponsorship Bids
Barcelona football club and its president, Joan Laporta, have rejected several sponsorship bids from cryptocurrency exchanges and companies, Spanish newspaper Sport reports on Feb. 22.
The club further expressed that a “lack of confidence in the sector and the lack of economic solidity of the [sponsorship] proposals” were popular reasons for rejecting these offers.
Although Sport did not specifically identify Binance and Polkadot as one of the companies that were rejected, but both had submitted bids in January. Polkadot was proposing to pay $110 million across five years, while the amount proposed by Binance remains undisclosed.
Spotify joins Rakuten amongst Barcelona Sponsors
Despite rejecting bids from Cryptocurrency companies, FC Barcelona has agreed to a sponsorship deal with one of the leading music streaming companies, Spotify. Spotify will gain a spot on their first team uniforms including women’s kit and training kit and also have stadium naming rights.
However, the total amount that is involved in the Spotify deal remains unsure and may likely have clauses based on player performance as Sport reported. Some sources have projected that Spotify will be expected to pay around $320 million in the course of the three-year deal.