Nashville SC sponsor to pay MLS club only in bitcoin – Reuters

Nashville SC announced its latest sponsor on Tuesday with the addition of Valkyrie Investments, a Nashville-based investment manager focused on digital assets. The partnership makes Nashville the first MLS team to accept all of its sponsor fees in bitcoin.

As part of the partnership, Premier Club, an 850-seat premium club located in Nashville’s new stadium, will be rebranded as Valkyrie Premier Club. In addition to the naming rights of this space, the Valkyrie logo will appear on the sleeve of the team’s training top.

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“I think in general, crypto and blockchain companies fit so well with the MLS demographic, which I think is younger than most sports audiences, more affluent, more knowledgeable about digital,” said Nashville CEO Ian Ayre. “So we felt it was a space that was important to be in and we feel very lucky to have found something in our home market that has such a presence in the industry. »

Dutch club PSV Eindhoven and the NBA’s Houston Rockets are among other sports teams that have also taken digital currency sponsorship fees.

« Our industry is community driven, and soccer is a community driven sport, » Valkyrie Investments CEO Leah Wald said in a statement. “This partnership with Nashville SC is such a natural fit for both of us, and is just one part of our broader efforts to help establish Music City as a global hub for blockchain and digital assets. »

Bitcoin price has been volatile lately. As of Monday’s close, bitcoin has lost 26.5% of its value over the past year and is down 42.8% from its all-time high of $67,582.60 set last November. But that didn’t prove to be a deterrent for Nashville in terms of sponsorship fees.

« We’re not worried, » Ayre said of bitcoin’s volatility. “I think if you look at most large organizations today, there are so many now looking at what you do with your money, whether you keep it in this currency or in other currencies. It’s something that our finance team needs to look at as the best coverage is on this.

“We will make a decision as we move forward, which part will be kept in crypto, which part will be converted into dollars. I don’t see it any different for organizations, using their money in different ways and investing, making sure the business is in good shape. And that you’re hedging volatility, whether it’s currency or whether in this case crypto, so I don’t feel concerned about that.

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