Funds promised to US National Women’s Soccer League (NWSL) players by Voyager Digital in sponsorship deal may not materialize as lender files for bankruptcy, Sportico reported August 1st.
The league has told the players that there is no hope of receiving any funding from Voyager, according to the report.
NWSL already declare multi-year deal – one of the biggest deals in the history of the league – with Voyager in December 2021. As part of the deal, the league is supposed to receive half of the payment in cash, while the other half goes to the players. in crypto form. Every player should get a Voyager account to receive crypto payments and build their portfolio.
But while the NWSL received the promised money, Voyager accounts for players were not funded, Sportico reported, citing sources familiar with the situation. Since Voyager declared bankruptcy in early July, the future is uncertain for promised payments to players.
In a press statement, the league said:
“Player funds are always intended to be distributed to accounts on Voyager in cryptocurrency, with the aim of educating players about investing in the crypto space. Therefore, there is always a risk regarding the volatility of the cryptocurrency market.
But regardless of what happens with Voyager’s promised payments, the players’ base salaries are not affected, according to a tweet from ESPN reporter Jeff Carlisle.
of #NWSLPA executive director Meghann Burke: “No player has lost salary. No one in the CBA is in crypto.” #NWSL https://t.co/xIMqUIvN3u
– Jeff Carlisle (@JeffreyCarlisle) August 1, 2022
Voyager branding remains on the league board. As Voyager navigates the bankruptcy process, a resolution could take months or even years.
Former player criticizes league for ‘bad business’
Ex NWSL player Haley Carter criticized the league for partnering with Voyager. In a Twitter post, Carter said the NWSL made players vulnerable with a predictable “losing scheme.” He added that while the news was expected, it was still an “incredible disappointment.”
NWSL players are made vulnerable by the NWSL to a losing scheme that literally anyone who has followed the market and investment platform is recognized as a very losing scheme for the NWSL. We all knew this was coming and it’s still an incredible disappointment. https://t.co/gJJYVBnxYv
— Haley Carter (@H_C_Carter) August 1, 2022
“…partnering with Voyager and making it look good is still bad business.”
The National Basketball Association (NBA) has seen a 7,300% increase in crypto sponsorships this year compared to last season. Crypto companies, including Socios, Crypto.com, and FTX, among others, spent the total $130 million in NBA sponsorship deals last season.
Football has not been left out either – the latest is Barcelona FC signing a $102 million partnership with blockchain-based sports fan platform Socios.com on August 1st. Crypto.com is a sponsor of FIFAinternational football governing body.
