Spanish club Atletico de Madrid facing massive financial troubles after cryptocurrency market crash

The season has not been the best for Spanish soccer giant Atletico de Madrid on a sporting level. Far away from the top of LaLiga standings, knocked out of all European competitions and losing in the Spanish Cup quarterfinals, finishing in the top four is the only goal left for the remainder of this season.

Atletico Madrid already faced economic difficulties in the summer. Club president Enrique Cerezo said they had to earn 40 million euros to balance their accounts. They did not do so, but they did in the winter transfer window as Matheus Cunha signed for Wolverhampton Wanderers for 50 million euros.


 Enrique Cerezo, Atletico de Madrid’s president

Chema Moya / EFE

To this must be added the fee paid by Chelsea for the loan of Joao Felix (about 11 million plus the player’s fee, which they have assumed). Amounts that should balance Atletico’s accounts, although journalist Pedro Morata assured in Gol that the club still needs 28 million euros to do so.

Recall that WhaleFin is the most powerful platform of the Amber Group, a world-class company that offers innovative and institutional-level tools to private investors in the purchase and sale of cryptocurrencies.

A five-year sponsorship agreement was signed at a rate of $40 million per year. Atletico collected the first payment up-front but WhaleFin does not want to continue with the partnership.

Furthermore, it has been reported that the cryptocurrency market has fallen by 70% in recent months, leading the company to cease paying for the sponsorship. Both Chelsea and Atletico Madrid have similar sponsorships; however, Chelsea’s appears on the sleeve rather than on their shirt’s chest as Atletico’s does.

A termination clause?

As confirmed by MD, WhaleFin is holding on to a clause in the Atlético Madrid sponsorship contract that will allow it to terminate the deal if the cryptocurrency market falls.

Atlético officials are already studying this possibility and have not ruled out going to court to claim full payment of what was signed. In any case, the club is already actively looking for a new sponsor for next season at the expense of what happens with WhaleFin.