• Atletico’s expiring kit sponsorship deal is worth approximately €17m per year
  • €50m Wanda Metropolitano naming rights deal also set to expire on 30th June

Spanish soccer giants Atletico Madrid are set to announce cryptocurrency exchange platform WhaleFin as their new main shirt sponsor, according to 2Playbook.

The Spanish sports business outlet says Atletico are set to sign a five-year deal worth more than €40 million (US$42.1 million) a year.

The reported agreement would see the Amber Group-owned WhaleFin brand replace Plus500 as Atletico’s main shirt sponsor from next season, with the club more than doubling their main sponsor revenue from the €17 million (US$17.9 million) a year paid by the trading platform.

WhaleFin was founded by a group of Wall Street executives in 2017 and last year closed a US$200 million investment round featuring the likes of Sequoia China, Pantera Capital and Tiger Global Management, which valued the business at US$3 billion. At the time, the brand said this would be used for funding its global expansion, and the deal with Atletico can be framed in that regard.

According to 2Playbook, Atletico are also in talks with automaker Hyundai about extending their €5 million (US$5.2 million) a year sleeve sponsorship deal beyond the one year extension agreed for the 2021/22 season.

In addition, Atletico’s Wanda Metropolitana naming rights deal, reportedly worth €50 million (US$52.6 million), is also set to expire this year. Chinese conglomerate the Wanda Group has been the naming rights partner for the 68,000-seater venue which opened in 2017, with that contract running until 30th June.

Atletico are reportedly in talks over a new naming rights partner from 1st July, although an agreement has yet to be reached.