Spanish football clubs are facing a “crypto hangover,” as many La Liga teams have experienced payment defaults and other problems after partnering with crypto sponsors. Recently, Celta Vigo initiated legal action against Turkish crypto exchange Bitci after the exchange failed to fulfil its payment obligations despite multiple requests from the club. Bitci reportedly requested payment delays from other Spanish clubs it sponsors, including Valencia, Espanyol, Cádiz, Alavés, and Real Betis.
Celta Vigo wrote that the club had “decided to initiate legal action” to demand “full compliance of what the parties agreed” with Bitci. However, Bitci claimed that it has the “solvency” to pay its bills to Spanish clubs and blamed Turkish legislation for its payment delays.
This issue is not unique to Bitci, as other crypto platforms also had difficulties with their La Liga team sponsors. The report highlights that the sponsorship deals with crypto companies have left many football clubs with “defaults, complaints, and an experience to forget” after these partnerships with crypto sponsors turned sour. The situation has prompted several La Liga clubs to become more cautious about partnerships with crypto firms, and they may even consider alternative sponsorship options in the future.