Nashville SC, a Major Soccer League participant, partnered with Valkyrie Investments, a digital asset manager. The latter pledged to pay the sponsorship fee in full in bitcoin.
First MSL Team to Receive BTC Sponsorship Compensation
One of the leading American soccer teams – Nashville SC – dived in the world of crypto by signing a deal with Valkyrie Investments. As part of the agreement, the Premier Club – located at Nashville SC’s stadium, will be renamed to Valkyrie Premier Club. In addition to that, the soccer players will have the company’s logo embroidered on their training tops.
The deal amount was not disclosed by the soccer club. Valkyrie Investments will be paying it in full in bitcoin. Nashville SC will be the first Major League Soccer team to accept the primary digital asset in a sponsorship settlement.
Dan Farrell – Vice President of Corporate Partnerships of the team – said the collaboration provides both a “local tie and a platform to connect sports and entertainment to cryptocurrency in the hottest city in the United States.” Accepting bitcoin as a payment method encompasses the club’s ambition to be a pioneer “on and off the pitch.”
Speaking on the matter was also Leah Wald – CEO of Valkyrie Investments. In her view, soccer is “very much a community-driven sport,” and the deal could increase crypto’s popularity in the sector.
“This partnership with Nashville SC is such a natural fit for both of us and is only part of our broader efforts to help establish Music City as a global hub for blockchain and digital assets,” she concluded.
AZ Alkmaar’s Similar Move
Nashville SC is the first MLS club to be awarded sponsorship funds through digital assets. However, it is not the only one.
Last year, AZ Alkmaar negotiated a partnership with Bitcoin Meester in the Netherlands. The latter became the sole sponsor of the soccer team, and pledged to pay part the sponsorship in bitcoin. AZ Alkmaar stated it would hold the BTC on its balance sheets. Michael Koster – Commercial Director of the team – explained the reasons behind the agreement:
“The cryptocurrency market is booming, with the exponential growth of users in recent years. This is appealing. However, it is in a new market where direction is crucial. Not everyone is already familiar with cryptocurrencies, and Bitcoin Meester is able to responsibly guide new users in this world.”