Atletico Madrid facing major financial blow set to cost them €40m due to cryptocurrency fluctuation

Atletico Madrid were already facing an austere year after being knocked out of Europe entirely in the group stage this year, but it appears further financial woes are on the horizon.

Cryptocurrency firm and chief sponsor Whalefin are set to pull out of the agreement the two signed just last summer. Los Colchoneros had an agreement for the next four of a five-year contract worth €200m in total and €40m per year.

According to Diario AS, although Atleti do not have official confirmation, they are working on the assumption that Whalefin pull out of the deal. They have already pulled out of an agreement with Chelsea, as parent group Amber Group try to mitigate losses in the fluctuating crytpocurrency market. Such is their strife, they are unable to pay Atleti the money stipulated.

While the loss of revenue should be mitigated by a new main sponsor, finding one quickly of similar value may prove tricky. Without any agreement at all, it could detonate their squad planning for the coming year and even lead to further sales to offset the losses.

Tags Atletico Madrid Whalefin
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