UFC gets sports cryptocurrency cash with ‘battle set’ sponsorship

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UFC gets sports cryptocurrency money with 'fight kit' sponsorship

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(L-R) Conor McGregor of Ireland punches Dustin Poirier in a light-weight battle throughout the UFC 257 occasion inside Etihad Arena on UFC Fight Island on January 23, 2021 in Abu Dhabi, United Arab Emirates.

Chris Unger | UFC | Getty Images

Endeavor-owned Ultimate Fighting Championship accepted a battle set handle cryptocurrency platform Crypto.com on Wednesday, the business informed CNBC.

The multiyear contract will offer Crypto.com a brand name existence on battle set products utilized throughout UFC consisting of garments (shorts, leading bras, walk-out hoodies) used by professional athletes throughout competitors, and clothes used by the training personnel. In addition, Crypto.com will likewise own the rights to UFC’s recently produced “Cryptocurrency Platform Partner” sponsorship classification.

Terms of the contract were not revealed openly however according to individuals acquainted with the offer, it deserves $175 million over 10 years.

Crypto.com is a platform that permits users to purchase and offer cryptocurrencies. The business makes profits from deal costs and stated it has more than 10 million users on its platform. Last week, it likewise protected a $100 million sponsorship handle Formula 1.

In a declaration, Crypto.com co-founder and CEO Kris Marszalek called the handle UFC a “historic moment,” including it would assist the sport “accelerate the world’s transition to cryptocurrency.”

Added Marszalek, “This is just the beginning of a long relationship with UFC, and we’re looking forward to what we will build together.”

The crypto sponsorship area stays active in 2021. The National Basketball Association landed its first string jersey spot contract with a crypto company recently when the Portland Trail Blazers signed a handle StormX, and prior to that, the Miami Heat struck an arena identifying rights pact with FTX.us. Other NBA groups, consisting of the San Antonio Spurs, might be targets, too. The Spurs have a space to fill as AT&T will not restore its arena calling rights pact that ends in 2022. The group prepares to assess possible crypto partners to take control of the arena name.

Deiveson Figueiredo (red gloves) and Brandon Moreno (blue gloves) throughout UFC 263 on June 12, 2021, at Gila River Arena in Glendale, AZ.

Louis Grasse | PxImages | Icon Sportswire | Getty Images

Endeavor, a popular Hollywood skill company, acquired the staying stake in UFC in April – combining the blended martial arts entity prior to going public on the New York Stock Exchange. UFC likewise has a special licensing contract with NFT business Dapper Labs, makers of the NBA’s Top Shot item.

“We’re in unbelievable shape in that business (UFC) right now,” Endeavor CEO Ari Emanuel informed CNBC’s “Squawk on the Street” in April. He included Endeavor is the “best-positioned company for where the world is going in entertainment.”

UFC will host its “UFC 264” centerpiece on Saturday, including popular fighter Conor McGregor versus Dustin Poirier for the 3rd time. The fighters divided their previous 2 matches, consisting of a McGregor loss in January at UFC 257.

Endeavor has a market cap of $11.2 billion, and shares of the business shut down 4% on Tuesday, trading at approximately $25 per share.

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