Major League Soccer (MLS) club Nashville SC has struck a sponsorship deal with digital asset manager Valkyrie Investments. Now, the team will be the first football team from USA to receive its sponsorship entirely in BTC.
With the agreement, Valkyrie Investments will be a founding partner of the club. In addition, the partnership will grant the Nashville-based company the right to name a section of the club’s stadium. The area will be renamed Valkyrie Premier Club.
As reported by the Sports Pro Media portal, the premium space has a capacity of 850 seats. However, it has been sold out for almost a year, despite the stadium’s opening in May this year.
Valkyrie Investments will sponsor Nashville SC
Valkyrie Investments will stamp its brand on the sleeve of the Nashville training uniform.
According to MLS Chief Executive Ian Ayre, the club is “not worried” about BTC’s volatility. He told ESPN that the finance team will “look at what is the best hedge for this.”
Meanwhile, Nashville SC VP of Partnerships Dan Farrell highlighted that the deal connects sports and cryptocurrencies.
“As a club, we want to be pioneers on and off the pitch. At the same time, we are authentically Nashville. Partnering with Valkyrie provides a local link and platform to connect sports and entertainment to cryptocurrency in the hottest city in the United States.”
In turn, the chief executive of Valkyrie Investments, Leah Wald, stressed that the crypto industry is all about community.
“Football is a community-oriented sport,” he added. “This partnership with Nashville SC is such a natural fit for both of us and is just part of our broader efforts to help establish Music City as a global hub for blockchain and digital assets.”
Nashville SC is the first MLS team to receive its BTC sponsorship. However, it is not the first in the sports sector to do so.
Last year, NBA basketball team, Houston Rockets, closed a sponsorship with cryptocurrency services company NYDIG.
As in the case of Nashville, the contract values were not disclosed. But the amount is also being paid in full in BTC.
The Dutch football team PSV Eindhoven also agreed in receiving the sponsorship payment in the cryptocurrency last August.
With this, PSV became the first football club in Europe to have all its sponsorship paid for in BTC. The unprecedented initiative was the result of a partnership with the Dutch cryptocurrency company Anycoin Direct.
Then, in September 2021, the club officially announced that it had become the first football club in the world to own BTC as equity.