Chelsea to unveil £20m-a-year sponsorship deal with cryptocurrency group

The deal will launch next season

Chelsea are close to unveiling a £20m-a-year sponsorship deal with cryptocurrency group WhaleFin - a digital asset platform owned by Singapore-based Amber Group. As reported by Sky News, the Blues - despite currently being banned from agreeing new partnerships while under government supervision - have agreed a shirt-sleeve contract with the cryptocurrency brand which will launch next season.  https://twitter.com/AbsoluteChelsea/status/1524454503076007939 It will be the London club's first venture into the cryptocurrency industry, but Chelsea will not be the first Premier League outfit to secure a crypto deal after Manchester United recently secured a deal with Tezos, a blockchain group. WhaleFin has also agreed a deal to have its logo on Atletico Madrid's shirts, which Sky News report is said to be worth more than €40m-a-year.

WhaleFin to replace Hyundai as shirt-sleeve sponsor

The new sponsorship deal will see WhaleFin replace Hyundai as Chelsea's shirt-sleeve sponsor, with the car-maker thought to be discussing a different commercial tie-up with the London club. Chelsea are also reportedly looking for a replacement for 3 UK - the mobile phone group - as its main shirt sponsor. Amber Group's backers include Temasek Holdings, Sequoia China and Tiger Global Management - some of the most prolific investors in the venture capital arena.

Agreement signed in January

WhaleFin's deal with Chelsea comes at the same time as the club is placed under strict commercial restrictions after outgoing owner Roman Abramovich was sanctioned by the UK government in March. However, Sky News state that those close to the transaction said the agreement was signed in January, which was before the club became subject to conditions which included bans on ticket and memorabilia sales. The Blues are set to be officially sold in the coming weeks after Abramovich agreed a binding deal to sell the club to a group of investors led by Clearlake Capital and spearheaded by Todd Boehly, the LA Dodgers part-owner. The sale will see the new owner pay £2.5bn to acquire Abramovich's shares in Chelsea, while also pledging £1.75bn of future investment in its stadium, academy and women's team. Related links:

• Chelsea decided against Erling Haaland transfer after scouts ‘raised concerns’
• Thomas Tuchel claims Chelsea are the ‘only club who are suffering in the moment’
• Richard Keys goes full Keysey with absurd Chelsea claim