The funds promised to the U.S. National Women’s Soccer League (NWSL) gamers by Voyager Digital in a sponsorship deal might not materialize because the lender filed for bankruptcy, Sportico reported Aug. 1.
The league has knowledgeable the gamers that there’s little hope of receiving the funds from Voyager, in line with the report.
The NWSL had announced a multi-year deal — one of many greatest offers in the league’s historical past — with Voyager in December 2021. As a part of the deal, the league was alleged to obtain half of the cost in money whereas the opposite half was alleged to go to gamers in the type of crypto. Each participant was alleged to get a Voyager account to obtain the crypto funds and construct their portfolios.
But whereas the NWSL obtained the promised money, the Voyager accounts for gamers have been by no means funded, Sportico reported, citing sources conversant in the state of affairs. Since Voyager declared bankruptcy in early July, the long run is unsure for the promised payouts to gamers.
In a press assertion, the league mentioned:
“The Player Fund was always intended to be distributed into accounts at Voyager in cryptocurrency, with the goal of educating players regarding investment in the crypto space. As such, there was always risk regarding the volatility of the cryptocurrency market.”
But no matter what occurs with Voyager’s promised payouts, the gamers’ primary salaries aren’t impacted, in line with a tweet by ESPN reporter Jeff Carlisle.
— Jeff Carlisle (@JeffreyCarlisle) August 1, 2022
Voyager’s branding stays current on the league venues. As Voyager kinds by the bankruptcy course of, a decision could possibly be months and even years away.
Former participant criticizes league for ‘bad business’
Ex NWSL participant Haley Carter criticized the league for partnering with Voyager in the primary place. In a Twitter publish, Carter mentioned that the NWSL made gamers susceptible with a “losing scheme” that might have been foreseen. She added that the information was anticipated and but, it was nonetheless an “incredible disappointment.”
NWSL gamers being made susceptible by the NWSL to a shedding scheme that actually anybody who has adopted the markets and funding platforms acknowledges is a shedding scheme may be very on model for the NWSL. We all knew this was coming and it’s nonetheless an unbelievable disappointment. https://t.co/gJJYVBnxYv
— Haley Carter (@H_C_Carter) August 1, 2022
“… partnering with Voyager and pitching it like it was a good deal is still bad business.”
The National Basketball Association (NBA) noticed 7,300% rise in crypto sponsorships this yr in comparison with final season. Crypto firms, together with Socios, Crypto.com, and FTX, amongst others, spent a complete of $130 million on NBA sponsorship offers final season.
Soccer has not been left untouched both — the most recent one being Barcelona FC signing a $102 million partnership with blockchain-based sports activities fan platform Socios.com on Aug. 1. In March, Crypto.com became a sponsor of FIFA, the worldwide soccer governing physique.