Formula One team McLaren Racing, football teams Sporting Lisbon and Italy’s Spezia, have dropped Turkish crypto company Bitci as a sponsor. Bloomberg reported that a source familiar with Sporting Lisbon’s situation stated the decision was due to Bitci’s failure to make payments, but the other two sports teams did not confirm a reason for terminating the relationship with the crypto platform.
The three contracts were formalized less than one year ago. McLaren announced the partnership in June of 2021 and the two Football teams in September. All had fan token deals with Bitici. McLaren’s token was launched and still appears on Bitci’s website, but it is unclear what will happen with the project. We’ve asked McLaren but didn’t receive a response in time for publication.
Bitci was initially a cryptocurrency exchange, but in the last year or so, it planned to become one of Socios greatest competitors in the fan token market. While Socios attempted to expand into the United States, Bitci signed partnerships with a series of Brazilian clubs, including the national team.
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