FC Barcelona's newly announced $22 million sponsorship deal with Samoan cryptocurrency company ZKP has ignited controversy within the club's leadership circles. A former board member publicly denounced the partnership as a 'bad joke,' raising serious concerns about the mysterious firm's ownership structure and the club's due diligence process.
FC Barcelona, one of football's most storied institutions, finds itself embroiled in controversy following the announcement of a $22 million sponsorship agreement with ZKP, a relatively obscure cryptocurrency firm registered in Samoa. The deal has drawn sharp criticism from former club insiders who question the transparency and wisdom of partnering with a company shrouded in mystery.
A former FC Barcelona board member took to social media to voice strong opposition to the arrangement, characterizing it as a "bad joke" and emphasizing the problematic nature of ZKP's "unknown" ownership structure. This public rebuke highlights growing concerns about the club's vetting procedures for major commercial partnerships, particularly in the volatile and often unpredictable cryptocurrency sector.
The controversy comes at a sensitive time for Barcelona, which has been navigating significant financial challenges in recent years. The club has been actively seeking new revenue streams to stabilize its economic position while remaining competitive in European football. However, critics argue that desperation for funds should not override prudent business practices and reputational considerations.
ZKP's registration in Samoaโa jurisdiction not typically associated with major cryptocurrency operationsโhas raised additional red flags among observers. The lack of transparent information about the company's beneficial owners, operational history, and financial backing stands in stark contrast to the high-profile nature of a Barcelona sponsorship deal.
This situation mirrors broader concerns within the sports industry about the rush to embrace cryptocurrency partnerships. While digital asset companies have poured billions into sports sponsorships globally, several high-profile collapses, including FTX's spectacular implosion, have left teams and leagues more cautious about their crypto partners.
For Barcelona supporters and stakeholders, the fundamental question remains: did club leadership conduct adequate due diligence before committing to this substantial partnership? As pressure mounts for transparency, the club may need to provide detailed justification for the deal or risk further damage to its reputation.
The controversy underscores the delicate balance football clubs must strike between financial necessity and maintaining institutional integrity, particularly when venturing into emerging and largely unregulated markets like cryptocurrency.