The NWSL's Crypto Cautionary Tale - Sports Blog by Bettitude

For many women’s sports leagues, sponsorship ties to cryptocurrency were hailed as the next big step in financial equality.

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Throughout the summer, however, the crypto market has been slowly dropping, putting some sponsorship funds into doubt.

In the NWSL, Sportico reported this week that the league has told players that they may not receive the money promised to them through the league’s partnership with Voyager Digital.

Voyager filed for bankruptcy early in July and has said they expect their users to be “impaired” by the proceedings, meaning that not all cryptocurrency will be returned in the company’s insolvency plan.

Voyager’s sponsorship of the NWSL was partially paid for in cash and intended to be distributed to Voyager accounts to allow individual athletes to invest in cryptocurrencies.

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“The Player Fund was always intended to be distributed into accounts at Voyager in cryptocurrency, with the goal of educating players regarding investment in the crypto space,” read the letter to players.

“As such, there was always risk regarding the volatility of the cryptocurrency market.”

The NWSLPA clarified that no wages were lost in the dissolution of the sponsorship, and nothing in the CBA has or will be paid in crypto.

The NWSL did receive its cash payment for the first year of the deal, Sportico reported.

If the Player Fund accounts remain unfunded, the league intends to work with the NWSLPA to share some of that money with players.

Meanwhile…

Voyager was the presenting partner of the NWSL’s 10th Anniversary content, though the presenting tag has been removed from the banner at the top of the league’s website.

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The company is still listed among league sponsors on the website.

Field signs and other Voyager advertising also remain up throughout the league, likely in a bid to bolster the NWSL’s claim to the money still owed.

If the intent of the sponsorship was to educate NWSL players on crypto, it seems they may have gotten a crash course in the sector’s volatility.

Women’s sports need the capital that emerging ventures bring in, but Voyager’s inability to hold up their end of the bargain could leave players out in the cold.

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About Author

Oluwaseun Oyediji

I am a huge advocate of Women’s football after covering the Nigeria Women Football Leagues (NWFL) since 2019. An unbiased football writer with penchant for women’s in sports and historical analysis.

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