Source: REUTERS/ISABEL INFANTES
[Saba Sports News] According to reports from
Spanish media, LaLiga club Atletico Madrid have filed a lawsuit against their
former chest sponsor, WhaleFin, for failure to fulfill their sponsorship
obligations. Atletico Madrid are seeking compensation of 20 million euros
through the court. In 2022, Atletico Madrid entered into a five-year
sponsorship agreement with WhaleFin, a cryptocurrency investment company, which
was supposed to provide an annual sponsorship fee of 42 million euros. However,
due to financial reasons, WhaleFin failed to fulfill their payment obligations.
As a result, Atletico Madrid terminated the sponsorship agreement and secured a
new chest sponsor, Riyadh Airways. It has been reported that Amber Group, the
parent company of WhaleFin, is facing financial difficulties, leading to the
termination of their partnerships not only with Atletico Madrid but also with
the Premier League team Chelsea. Despite Atletico Madrid’s legal action for
compensation, it is uncertain whether they will receive any payment as WhaleFin
is currently unable to fulfill its financial obligations.