TechFlow news, according to Protos, Spanish football club Atlético Madrid is preparing to sue Singapore-based crypto exchange WhaleFin for failing to pay €40 million ($44 million) in sponsorship revenue.
The club had entered into a five-year agreement with WhaleFin prior to the 2022/23 season, under which the exchange would become one of its main sponsors. The club now claims WhaleFin breached the contract by failing to make payments and is seeking €20 million ($22 million) in damages.
Reports indicate that as early as December 2022, WhaleFin's owner Amber Group faced financial difficulties and decided to terminate its $25 million-per-year sponsorship deal with English Premier League club Chelsea, just seven months after the agreement was reached.
