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A $175 million deal with Crypto.com does it for the UFC
Cryptocurrency exchange Crypto.com has entered a partnership with Ultimate Fighting Championship (UFC) as the firm’s global fight kit partner. It is reported that the two have signed off on a ten-year deal bringing in roughly $175 million for the UFC. and the UFC’s largest sponsorship deal to date.
Following what constitutes to the UFC’s largest sponsorship deal in its twenty years since Dana White took reigns, the Crypto.com will be featured on all fighting gear and uniforms of the MMA fighters. A first will be this Saturday, July 10, when the long-awaited fight between Conor McGregor and Dustin Poirier will take place.
The deal surpasses the deal that the UFC made in March when it partnered with Draftkings in a deal that was reported to be worth $100 million. The UFC are also currently in business with Chiliz and have its fan token available on Socios.com.
Chief Operating Officer of the UFC, Lawrence Epstein said during the announcement that cryptocurrencies are now their radar:
“If we had talked a couple of years ago, crypto might not have been on the radar, but it’s sort of a sign of the times,” Epstein said to sportico.com. “It’s new, but it’s moving quickly, and it’s very dynamic.” He also detailed that the company was attracted to Crypto.com’s young consumer base and demo. “In general, that consumer is younger, and based upon the data that we’ve seen, that consumer also has a fair amount of discretionary income. It’s an attractive group to try to get interested in your product.”
The deal between the UFC and Crypto.com follows the variety of partnerships between crypto firms and sports companies. Cryptocurrency exchange and trading platform FTX earlier this year shook hands with the Miami Heat in a $135 million deal. Last week it was announced that Crypto.com had signed another busting deal of $100 million with Formula One Racing.
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Author: Peter Siu