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AC Milan extend association with BitMEX as premium partner

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Italian giant, AC Milan have extended their partnership deal with a cryptocurrency exchange and derivative trading platform, BitMEX.

In this development, BitMEX, which is already the official cryptocurrency trading partner of the team, will now become a premium partner of the club.

As a result of this new partnership, the two parties are united along a shared road that shows innovation, determination, and a goal to be the best in their respective sectors. This path is also responsive to the topic of inclusivity and shows a commitment to the future. As a matter of fact, AC Milan and BitMEX have already worked together on a number of projects, from the celebration of the 19th Scudetto triumph to the assistance provided to Fondazione Milan to bolster its social commitment and promote charitable events like the Padel Cup, the Milano Marathon, and the charity dinner planned to mark the 20th anniversary of its founding.

Casper Stylsvig, Chief Revenue Officer of AC Milan, said, “We are happy to continue our journey alongside a partner such as BitMEX, with whom we intend to take further steps forward in the path of digitalisation, innovation and growth of the Club, but also to support the many charitable initiatives promoted by Fondazione Milan.”

Stephan Lutz, CEO & Group CFO of BitMEX, said, “We are thrilled to reinforce our partnership with AC Milan. Beyond the philanthropic projects we have worked on together, we both appreciate and applaud the spirit of competition and the sense of connection that comes from it. At BitMEX, we strive to include connection and competition in the services and products we offer – our new social trading feature Guilds allows traders to team up as a Guild and trade against one another.”

BitMEX is an online platform for trading derivatives and a cryptocurrency exchange. Perpetual agreements, futures contracts, and options contracts are a few of the financial services provided by BitMEX that are based on cryptocurrencies. With the use of these products, traders may place wagers on the price alterations of digital currencies like Bitcoin, Ethereum, and others without actually holding the underlying assets.

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Sir Jim Ratcliffe’s Manchester United national stadium plan backed

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A vision for a new Manchester United ground that could double as a ‘Wembley of the North’ has been welcomed by council chiefs.

Sir Jim Ratcliffe, a co-owner of the club, has outlined his preference to replace Old Trafford with a ground that could be used as a national venue.

Trafford Council welcomed the proposal as part of its plans to regenerate the wider Trafford Wharf area.

But councillor Liz Patel said it would be up the club to fund a new stadium.

The club’s plans are a key element of Trafford Council’s Wharfside Development plans, which will go out to public consultation next week.

New stadium developments at Tottenham, Everton, and Manchester City have been highlighted by the council as good examples of how to regenerate an area and keep fans there for longer on match days.

Sir Jim told BBC sports editor Dan Roan that the 74,310-capacity Old Trafford had become “tired and in need of refurbishment”.

He said any plan to build a new stadium that could also be used as a national ground would require a “conversation” with the government about using taxpayer funds.

‘Great ambition’

Ms Patel, who is leading the council’s redevelopment plans, said a ‘Wembley of the North’ proposal “would be wonderful”.

“That is great ambition from Jim Ratcliffe and these plans match that in terms of the setting and the future of the area,” she said.

A new stadium built on adjacent land could cost around £2bn.

Ms Patel said the council would look for investment for the Wharfside plans, and “saw a role” for the council in “leading, guiding and securing” the funding.

“How United get together the finances for their own stadium refurbishment would be separate,” she said.

At a meeting of the council’s executive on Monday night, Ms Patel earned cross-party support for the regeneration plans, which could take up to 20 years realise.

She said Trafford Council had worked with Manchester United’s planning team to design improvements in the area for fans as part of the masterplan.

“We want to create a much more family-friendly space where people want to stay longer and have processional routes so it’s a lot safer for fans arriving on foot from tram stops or walking out from the city centre – as sometimes happens in European matches.”

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F1 Academy pens Tommy Hilfiger deal

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The all-female F1 Academy series has agreed a partnership with global lifestyle brand Tommy Hilfiger.

Contract:

  • Tommy Hilfiger will sponsor the entry of Spanish driver Nerea Martí
  • The brand will also design and provide all F1 Academy staff uniform

Context:

Tommy Hilfiger becomes the latest brand to support the upcoming season of F1 Academy, with Charlotte Tilbury and Puma already on board. There will be five designated partner liveries this season, in addition to each car supported by a Formula One team, which means there are two partnerships still to be announced.

This adds to Tommy Hilfiger’s existing partnership with the Mercedes Formula One team, first signed back in 2018, as well as its personal endorsement of Lewis Hamilton and, more recently, George Russell.

Comment:

“Tommy Hilfiger is one of the most recognised global lifestyle brands, so it is a great honour to welcome them to F1 Academy as an official partner,” said Susie Wolff, managing director of F1 Academy.

“Tommy Hilfiger is fully invested in our mission to improve female representation in motorsport, and their global brand platform will appeal to those outside of the motorsport world and help us to reach new audiences.

“I would like to personally thank Tommy and his team for sharing our vision and supporting a talented young driver in Nerea Martí.”

Coming next:

The F1 Academy season gets underway in Jeddah, Saudi Arabia in support of Formula One’s Saudi Arabian Grand Prix from 7th to 9th March.

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Nascar ‘in talks’ over Xfinity sponsorship extension

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Xfinity has been title sponsor of Nascar’s second-tier series since 2015, with the ten-year deal worth roughly US$200 million.

However, with that contract concluding at the end of this season, there are no guarantees that Xfinity will continue as title sponsor.

When the contract was first agreed, it made sense for Comcast to promote its newly launched Xfinity brand through NBC Sports, also owned by Comcast, which had signed a ten-year broadcast partnership with Nascar.

This media rights deal comes to an end this year but, with the second-tier Xfinity Series being carved out to The CW Network for US$800 million, the synergy between the two Comcast-owned properties is lost.

“It’s a little too early for us to give a really good answer on [whether the Xfinity Series asset is a necessity for a contract renewal],” Matt Lederer, vice president for branded partnerships and activation at Comcast, told SBJ.

“But I would say that as we’ve learned the sport over the last ten years, we’ve learned the ecosystem of Nascar has a lot of tentacles and there’s a lot of ways to engage with the fanbase.

“The Xfinity Series for us has been the gold star across all those areas, but it’s a little too early to say what a new deal would look like.”

In 2021, Comcast upgraded its Xfinity sponsorship deal with Nascar, becoming a premier partner of the Cup Series alongside Busch Light, Coca-Cola, and Geico. The brand also has a team deal with 23XI Racing, co-owned by National Basketball Association (NBA) icon Michael Jordan and current Nascar driver Denny Hamlin.

Lederer continued: “We’ve both had a strong relationship over the last ten years and I’ve said it many times, it’s been an extremely beneficial partnership to our brand and business and a very valuable partnership for the business and brand of Nascar.

“And what I would say is we’re really confident and optimistic that Nascar is doing all the right things to capitalise on all the changes going on within the racing industry as a whole, and we appreciate the changes that have been made over the last few years and the direction of the team and [Nascar President] Steve [Phelps] to further engage fans, find new fans – that’s fantastic and we share that optimistic view.

“Right now, we’re engaged with Nascar to explore what a potential continued relationship could look like across the sport as a whole.”

Nascar’s second-tier series moving to The CW Network will give Comcast pause for thought when considering this contract extension.

The CW is a largely unproven network when it comes to sports broadcasting, but its majority owner Nexstar has started to build a small rights portfolio, including LIV Golf and a package of 50 college football and basketball games from the Atlantic Coast Conference (ACC).

Whether this will be enough to convince Comcast to stick with its current arrangement or look for a restructured sponsorship deal remains to be seen.

With shifting consumer needs, the company could pivot towards its Xfinity Mobile brand, which was the primary sponsor on the 23XI Racing car of Tyler Reddick at Nascar’s last race at Atlanta Motor Speedway.

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