Crypto exchange OKX is reportedly paying more than $20 million to sponsor in the upcoming season one of the clubs in the Premier League, which is “the top level of the English football league system.”
According to a report by Forbes, OKX has reached an agreement to expand its existing partnership with Premier League club Manchester City. The deal will make the crypto exchange the club’s official training kit partner for the 2022-23 season for a whopping $20 million-plus. The report also claims that select Manchester City players will star in crypto education content generated by the exchange as part of the deal.
While the financial terms were not officially released, a source told Forbes that the expanded agreement will cost “more than $20 million this season.” Forbes estimates the club is worth $4.25 billion, making it the sixth-most-valuable soccer team in the world.
The expanded deal comes after Manchester City previously named OKX as its official cryptocurrency partner in March, which at the time was reported to be a multi-million dollar arrangement.
OKX chief marketing officer Haider Rafique said the company was intentional about selecting sponsorship partners, and that its approach was “market agnostic,” instead focusing on principals and beliefs.
Despite OKX’s optimism, Joe Favorito, a veteran sports business consultant, commented that the slowing crypto market has already led to sponsorship cutbacks.
He told Fortune,
You haven’t seen a patch come off an umpire’s uniform or the name removed from an arena. But the ancillary spending has definitely been cut back, whether that’s major ads and things like the NBA Finals.