By Samuel Indyk
Investing.com – Southampton Football Club announced on Thursday that they have renewed their sponsorship deal with Coingaming Group as a main club partner for a further three years. The deal will see Sportsbet.io continue as the football club’s main shirt sponsor.
The new deal, which is the largest in the club’s history, could see the Coingaming pay Southampton in Bitcoin if certain milestones are met.
Speaking about the deal, Southampton said it “includes the option for the club to be paid certain performance-based bonuses in Bitcoin at the end of each season, allowing the club the opportunity to take advantage of the new, high-growth currency if it feels it will bring significant future benefits”.
Although financial terms were not disclosed, the Sun reports that the deal is worth more than £7.5 million a year.
That fee is to be paid in cash but if Southampton were to win a trophy or qualify for European competition, it is thought this portion of any deal could be paid in Bitcoin.
Cryptocurrency transfers?
The deal is the latest sign that more mainstream businesses are venturing into cryptocurrency, and who knows, if the price of Bitcoin continues to rise, Southampton’s strength in the transfer market could be boosted.
The club potentially see an opportunity that other clubs may have missed and being one of the first teams to venture into the space, they could gain an advantage over other teams by acting before they do.
Given the burgeoning popularity of cryptocurrencies, it may not be long until we see the first football transfer conducted with Bitcoin.