The Premier League and UK Government have no plans to intervene in Chelsea’s new £12 million-a-year sponsorship deal with crypto company BingX.
The firm, whose deal to become Chelsea’s shirt sleeve sponsor for the remainder of this season and training kit sponsor for the following two seasons was announced on Friday morning, has described itself as “a steadfast supporter of the Russian crypto community”.
BingX proudly boasted of its links to Russia at the end of November last year and hosted what it described as “a prominent event during Moscow Tech Week” which showcased its “commitment to innovation and engagement within the Russian crypto community”.
The UK Government has confirmed to Telegraph Sport there is nothing to suggest that BingX has any links to individuals or companies on the list of those who have been sanctioned following Russia’s invasion of Ukraine.
The Premier League does not have specific rules relating to Russia and takes its lead from the government’s sanction regime, which means there is no reason for it to intervene in Chelsea’s new sponsorship deal.
Current co-owners Clearlake Capital and Todd Boehly, who negotiated the deal with BingX, bought Chelsea from Russian billionaire Roman Abramovich, who was sanctioned by the UK Government and effectively forced to sell the club. As a result, restrictions were placed on Chelsea ahead of the takeover.
Many high-profile businesses decided to cease trading in Russia following the country’s invasion of Ukraine, which is still ongoing, and Chelsea have a Ukraine international player, Mykhailo Mudryk. The Premier League and EFL suspended their broadcast deals with Russia.
Chelsea have supported Ukraine, hosting the ‘Game4Ukraine’ to raise funds for the Mykhailo-Kotsiubynsky School in Chernihiv Oblast, which was struck by missiles, and in February 2022 the club released a statement that said: “The situation in Ukraine is horrific and devastating. Chelsea FC’s thoughts are with everyone in Ukraine. Everyone at the club is praying for peace.”
Announcing the deal with BingX – which is not fully accessible in the UK – Casper Stylsvig, Chelsea FC’s chief revenue officer, said: “We are excited to kick off 2024 with the announcement of a hugely exciting partnership for the club. Our alignment with one of the fastest-growing cryptocurrency exchanges in the world is a signal of the club’s ambition to innovate and grow our partnership network.
“Both BingX and Chelsea share a passion and commitment towards investing in the future, and we look forward to collaborating with them in the coming seasons.”
Ben Peppi, a sports commercial expert at JMW Solicitors, said of Chelsea’s proposed crypto partnership: “There is reportedly nothing to suggest that BingX has any links to individuals or companies on the list of those who have been sanctioned, so it will be argued for that reason, there is no need to intervene.
“Traditional sports marketing partnerships will always have their place in football, but wider trends across the consumer landscape drives commercial activity in the world’s most watched sport and cryptocurrency is an example of this.”
