Major League Soccer (MLS) franchise Inter Miami has named crypto-finance company XBTO as its first front-of-shirt sponsor.
Prior to the agreement, Inter Miami was one of two clubs in the 27-team MLS to have not signed a front-of-jersey partnership, whilst the deal also marks the first time a cryptocurrency firm has partnered with a club in the league.
Under the terms of the multi-year partnership, the XBTO logo will be featured across the front of the team’s primary and secondary shirts, starting with tonight’s home fixture against the New York Red Bulls.
Additionally, the crypto-firm – which recently opened an office in Miami – will see its logo displayed at the DRV PNK Stadium in Fort Lauderdale, Florida.
“There is not one step, one second that our primary jersey sponsor is not part of the heartbeat of Inter Miami. So as we looked at who we would partner with, I can say that we picked the perfect partner,” said Inter Miami CF CEO and Managing Owner, Jorge Mas.
“We have found in XBTO a partner that thinks like we do; thinking towards the future of how they change the world of finance through their platform in the crypto space, how we impact the South Florida community, how we impact the fans, how we engage with our community and how we change the landscape of how Inter Miami and our fanbase communicate.”
Although financial terms of the agreement have not yet been confirmed, Sport Business Journal (SBJ) has reported that annual value of the deal stands between $4 billion and $5 billion.
XBTO Founder and CEO, Philippe Bekhazi, added: “This is a dream come true. I’m very excited about being a partner of Inter Miami CF and being part of their ‘familia’.
“I hope that XBTO can be the sponsor that Inter Miami needs and I just want to thank the team. We’re going to be doing a lot of things that will help the club reach more fans, create more fan engagement and hopefully break down barriers.”
Insider Analysis – Engagement between association football and the cryptocurrency space is at an all time high, as the emerging sector becomes increasingly accepted by mainstream industries, and the sporting scene looks for new revenue streams in the wake of the COVID-19 pandemic.
Speaking to Insider Sport last month, sports and entertainment commercial consultant, Jason Fielding, highlighted what he believed are the mutual benefits of increased cooperation between the crypto and sports sectors.