The football Inter Milan club announced Socios (Chilliz) as their new sponsor for the 21/22 season, in a sign of mainstream acceptance. This will end the 26-year partnership with the outgoing sponsor Pirelli as we find out more in our latest cryptocurrency news today.
Part of the Socios deal will see the launch of the new $INTER token and the Inter Milan club hopes this will boost the fan experience for the supporters across the world. In the 20/21 Serie A campaign, Inter Milan managed to win the title for the first time in 11 years and this was mainly thanks to Romelu Lukaku who ended the session as the top scorer of the season with 24 goals and 11 assists in the process.
The club is now taking part in the Florida cup as a part of the pre-session preparation but its scheduled match with Premier League Arsenal on Sunday is under threat due to covid concerns. The circumstances around Pirelli’s withdraw are still controversial. As the case of plenty of clubs, Inter Milan is owned by a business conglomerate and in this case, is the Suning Holdings Group which is known for its real estate and finance dealings. SHG also owns Chinese Super League champions Jiangsu FC but they shut down months after winning. SHG owner Zhang Jindong said he wanted to focus on the retail business and cut all irrelevant matters to this.
When discussing the sponsorship renewal, Pirelli cited doubts about the future of the Serie A champions and their ownerships. However, reports show that SHG is looking for more sponsorships money than Pirelli was willing to pay which was about $30 million. The 20/21 sponsorship cost Pirelli $10.5 million. Socios agreed to a deal of $20 million which is less than $30M but almost twice as much as the previous fee of $10.5M. speaking on the sponsorship, Alexandre Dreyfus who is the CEO of Socios said it was the perfect opportunity to bring mass awareness of the brand and crypto in general:
“The Inter Milan front-of-shirt is the perfect space for us to promote the start of this new partnership and build mass awareness of the opportunities for innovation and engagement created by the $INTER Fan Token.”
“Today’s announcement is the start of a new era for millions of Inter fans around the world, who will be able to join a thriving digital community on Socios.com, enjoying countless opportunities to engage with the team, influence key decisions and be rewarded by the club they love through $INTER Fan Tokens.”