NWSL faces financial crisis after crypto sponsor goes bankrupt, report

0

The NWSL is said to be facing financial difficulties as one of its main sponsors, the cryptocurrency platform Voyager Digital, has filed for bankruptcy, according to Eben Novy-Williams and Emily Caron of Sportico.

Voyager’s deal with the league was announced in December, with half of the value of the deal to be paid in cash and the other half for individual players to invest in cryptocurrencies through the Voyager platform. , by Sportico. With the company now entering Chapter 11, the status of player funds is unclear as their accounts were never funded.

Following news of Voyager’s financial difficulties, NWSLPA executive director Meghann Burke reassured that no player will miss a paycheck.

Voyager’s bankruptcy comes as crypto companies have flooded the sports world with broadcast ads, stadium naming rights and team/league sponsorships.

The NWSL has received the cash payment it was owed as part of the deal, Sportico reported, and Voyager signage remains present at league venues. As Voyager works through the bankruptcy process, a resolution from the NWSL’s perspective could take months.

More football coverage:

Daily coverage: Everything you need to know before the MLB trade deadline

Share.

Comments are closed.