Are We Witnessing Mainstream Adoption of the Crypto Industry?
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Manchester United’s £120 million sponsorship contract with American insurance company AON wrapped up last season after eight years. According to The Guardian, the club missed out on a proposal for a new training kit deal with The Hut Group, a Manchester based company, after concerns about the supporters’ campaign to boycott its commercial partners in protest at the Glazer family’s ownership.
The team have since been operating without a front of shirt training sponsor this season. However, at the beginning of February, The Athletic reported that the club has signed on for a brand new training kit deal as part of its new partnership with blockchain platform Tezos.
The £20 million-per-year deal has been signed for multiple years ahead and the club has already shot promotional materials at the club’s training centre ahead of an announcement.
This isn’t the first time Tezos has gotten onboard to invest in sport sponsorship. McLaren Racing, the F1 division of McLaren, announced last year their multi-year partnership with Tezos with the Tezos brand being represented across all their racing cars. It also made the New York Mets first blockchain deal in May 2021, the first of its kind due to it being the first sponsorship from a blockchain project with the Major League Baseball organisation.
Tezos, which sits under the Tezos Foundation umbrella, is a blockchain, or a type of decentralised computer network like Ethereum. The company’s technology can facilitate computerised transactions more efficiently and securely than current technology and can also help to eliminate expensive middlemen from the process.
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