European soccer club FC Barcelona is facing significant backlash after entering into a global sponsorship agreement valued at $22 million with the little-known crypto company Zero-Knowledge Proof (ZKP), which is based in Samoa. This sponsorship, set to last three years, has raised eyebrows, particularly due to the firm’s obscure background and the apparent financial straits of the club, which is currently facing a staggering €469 million ($542 million) in debt.
Xavier Vilajoana, a former board member of FC Barcelona, expressed deep concerns about the deal, labeling it a sign of financial “desperation.” He highlighted troubling aspects regarding ZKP, including its minimal social media presence—only 33 followers on its X account at the time of the announcement—and its association with controversial influencer Andrew Tate. Tate’s endorsement of ZKP’s technology on his social media was later shared by the company.
Vilajoana characterized the situation as “incredibly concerning,” stating on social media, “It seems like a bad joke, but unfortunately it’s real.” This sentiment underscores broader worries about the club’s decision-making in light of its financial struggles.
ZKP’s connections to tax havens are also under scrutiny, as Samoa is categorized by the EU as a tax haven. The company appears to have recently launched its social media platforms and white paper, but it lacks transparent information about its ownership and funding structure. While claiming to be regulated under Samoan law, it is currently conducting an initial coin offering (ICO) to raise funds.
The Financial Times noted its difficulty in gathering information about ZKP’s leadership, including CEO Jeff Wilck. In an official statement, FC Barcelona distanced itself from any involvement in the management or issuance of ZKP’s tokens, asserting, “The club has no responsibility for, or involvement in, the issuance or management of this token, nor does it use the associated technology.”
Experts in the blockchain field have expressed skepticism regarding ZKP’s credentials. Harry Halpin, CEO of privacy-focused blockchain firm Nym Technologies, remarked on the improbability of a new company suddenly claiming expertise in a complex area like zero-knowledge proofs. He indicated that only a handful of specialists are capable of understanding the intricacies of this technology, most of whom are already employed by well-established firms.
ZKP’s social media claims of being entirely self-funded and avoiding traditional public relations strategies have also drawn attention, especially in a landscape where most companies engage in extensive marketing efforts.
This sponsorship is reflective of a broader trend in European soccer, where crypto sponsorships have proliferated. Recent analyses reveal that over a third of teams in Europe’s five largest leagues have partnerships with cryptocurrency or trading platforms this season, with this figure escalating to 70% in the Premier League alone. Major exchanges and trading platforms like eToro, Bitpanda, and Kraken have secured multiple sponsorship deals with various clubs.
However, there have been cautionary tales within this growing trend, as seen when Sporting Lisbon and Spezia terminated their contracts with Bitci.com due to non-payment issues.
In summary, FC Barcelona’s partnership with Zero-Knowledge Proof is raising alarm bells among fans and industry observers alike, calling into question the club’s financial strategies and broader implications for the soccer world as it increasingly embraces cryptocurrency.
