SPONSORSHIP DISPUTES: ARGENTINE FA’S BUMPER BINANCE DEAL PROMPTS LEGAL ACTION

The Argentine Football Association (AFA) has unveiled a new five-year partnership with Binance which will see the cryptocurrency exchange platform become the global main sponsor of Argentina’s national soccer teams.

However, the wide-ranging agreement, which also includes naming rights to the Argentinian top-flight Primera Division and designation as the official fan token of the AFA, has caused a rupture with rival blockchain firm Chiliz.

The AFA signed a naming rights deal with Chiliz last year that saw the Primera Division named ‘Torneo Socios.com‘ for the 2021/22 season and included the launch of a fan token on the Socios platform.

Following the announcement of the AFA’s deal with Binance, Chiliz has said it will take legal action against the Argentinian national soccer body for a ‘flagrant breach of contract’.

According to Chiliz, the legal action is to protect the rights of the fans who acquired the ARG fan tokens.

Meanwhile, the deal is Binance’s first global partnership with a national soccer body. The partnership will see the cryptocurrency exchange company launch a new non-fungible token (NFT) for the AFA, and secures Binance prime branding inventory across digital and physical national team assets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.