In late 2022, Formula 1 had a big problem: Over $245 million in crypto sponsorship money vanished.
Graphic by Crystal Le
F1 wasn’t alone; trust between sports and crypto was shattering globally. With more than 40 different crypto deals collapsed in 2022, an estimated $1 billion in total sponsorship value was lost.
Why then, did McLaren stick with Official Primary Partner OKX as 25% of crypto deals (sponsorship, partnership, etc.) in the sport were terminated?
Surely it must be the money, right?
Running a Formula 1 team costs hundreds of millions of dollars, meaning sponsorships are vital to keeping the lights on. With companies willing to spend millions to get their logos featured…
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