Chelsea have agreed a new £20million-a-year sponsor to come after the sanctions

Keynote speaker at the 2019 Milken Conference

New Chelsea owner Todd Boehly will oversee many changes (Image: Getty Images)

Chelsea are set to announce a new sleeve sponsor worth £20million-a-year in a deal agreed before the UK government imposed sanctions on the club.

Hyundai was sleeve sponsor this season but suspended its agreement with the club when sanctions were imposed on Russian owner Roman Abramovich.

The Telegraph reports that WhaleFin, a cryptocurrency group, will replace Hyundai after agreeing the deal, which will be worth much more than Hyundai’s, which netted £50m over four years.

Chelsea’s new owners, a consortium led by American Todd Boehly, have agreed to buy the club for over £4billion but it has yet to be signed.

The agreement with WhaleFin was struck well before Boehly and his investors arrived in west London, but they have to make decisions about the club’s other sponsorships.

Main shirt sponsors Three suspended their deal with the Blues and demanded that their logos be removed from shirts and around Stamford Bridge and the training ground.

The logos remained but with one year remaining on the deal with the club it remains to be seen whether the company will remain a partner with Chelsea or the deal will be terminated by the new owners and replaced by another sponsor.

The Telegraph reports that Hyundai’s relationship with the club may not be over and there is potential that they could stay on board in another capacity as sleeve sponsor.

Boehly and his consortium have until May 31 to complete their purchase – when Chelsea’s temporary government license expires – and that shouldn’t be a problem as the deal is set to be conveniently completed by then.

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Chelsea FC Chelsea have agreed a new £20million-a-year sponsor to come after the sanctions

Nate Jones

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