Chelsea ‘to reveal cryptocurrency firm as new sleeve sponsor in £20m-a-year deal despite sanctions’

Chelsea will announce a massive £20million-a-year deal with cryptocurrency firm WhaleFin as their shirt sleeve sponsor, according to reports.

The news comes despite the UK government’s financial sanctions on Chelsea, which came in the wake of Russia’s invasion of Ukraine, given ties between Blues owner Roman Abramovich and Russian president Vladimir Putin. 

And as reported by Sky News, the Premier League side are set to confirm a lucrative deal with the burgeoning group, who will replace South Korean car firm Hyundai.

The deal will be a big boost for Chelsea, worth £20million a year to the Premier League side

WhaleFin is a digital asset platform owned by Amber Group, a company based in Singapore.

Sky sources claim the deal, which comes into effect this summer ahead of the 2022-23 season, could be formally unveiled as soon as Thursday morning.

It is the club’s first official move into the crypto market, weeks after Liverpool were linked with picking another such firm to replace their main shirt sponsor, Standard Chartered, and after Manchester United made a deal with blockchain group Tezos. 

The news comes despite strict financial sanctions on Blues owner Roman Abramovich (above)

Under the sanctions, Abramovich is not allowed to financially profit from his ownership of the club, but it is believed the deal was signed in January, before the sanctions came into force.

Cryptocurrency firms are staking large amounts of money in the attempt to develop their brands, with WhaleFin also paying around £35m a year to sponsor the shirts of Spanish side Atletico Madrid.

Chelsea, which is on the brink of being taken over by US tycoon Todd Boehly, are also thought to be considering replacing their main shirt sponsor 3 UK. Chelsea declined to comment, and Amber Group could not be reached for comment.