Liverpool 'in talks with cryptocurrency firms about groundbreaking new shirt sponsorship' despite their widely mocked NFT launch being branded a flop - with £40m-a-year Standard Chartered deal set to expire next year.
Liverpool's £40m-a-year deal with Standard Chartered expires in May 2023. The Reds are reportedly talking to firms in the media and tourism sector. Yet they are also in talks with companies from the cryptocurrency market. The possibility of a crypto shirt sponsor has not yet been discussed with fans.
Liverpool are reportedly in talks to have a cryptocurrency firm as their main shirt sponsor from June 2023 onwards in what would be a Premier League first.
The Reds have had Standard Chartered on the front of their shirts since the 2010-11 season but their £40m-a-year deal with the financial services company expires in May 2023.
Though negotiations are taking place about an extension, the club are also speaking to firms in the media, tourism and electronics sector - and crypto firms are being considered too, according to The Athletic.
The report details that Liverpool executives are talking to a crypto exchange firm and a blockchain platform about a potential partnership.
Any deal to bring in a crypto firm as the club's main shirt sponsor would be a Premier League first, as the club target a deal which is expected to bring in £70m over two years no matter who the agreement is signed with.
Six Premier League clubs currently have deals in place with crypto sponsor Socios which sells 'fan engagement tokens', but none of them have the company as their main shirt sponsor.
Arsenal, Aston Villa, Crystal Palace, Everton, Leeds United and Manchester City are those six clubs, though it provoked a reaction at Selhurst Park when Palace fans held up a banner calling Socios 'parasites.'
Any deal would likely prove controversial due to a lack of regulation with blockchains and potential fan risk with exposing crypto firms where you can gain or lose financially.
The club are targeting an agreement in the next eight weeks, amid Jürgen Klopp's side targeting an unprecedented quadruple on the pitch.
It is also understood that Liverpool fan groups are yet to be consulted about the prospect of a crypto firm on the front of their shirts, though such consultations did take place about the launch of NFTs (non-fungible tokens) in March.
The controversial foray into the world of cryptocurrency saw the club sell less than 10,000 out of a potential 171,000 non-fungible tokens.
The NFTs - digital artworks of stars such as Mohamed Salah and manager Jürgen Klopp - were put on sale at auctioneer Sotheby's for $75 (£57) each – $12.8m (£9.8m) in total.
The headline figure of 9,721 sales suggests a failure to attract anywhere near the investment the club had hoped for, with under six per cent of the possible NFTs sold.
Yet Liverpool can yet point to revenue from the sale of their NFTs reaching £1.125million, with £281,374.98 of that amount going to its charity, LFC Foundation. https://www.dailymail.co.uk/sport/football/article-10750379/Liverpool-talks-cryptocurrency-firms-new-shirt-sponsorship.html
If it means that we will have more money to buy players, why not.