UK's National Crime Agency freezes $13.5M amid probe into Premier League crypto sponsor Sorare
The UK's National Crime Agency (NCA) has frozen £10 million (approximately $13.5 million) in connection with an investigation into Sorare, an online sports company known for its blockchain-based digital trading cards. In 2023, Sorare entered a four-year, $162 million sponsorship agreement with the Premier League, which was terminated at the end of the last season. The probe centers around allegations of unauthorized gambling activities linked to the company.
Freezing of Funds and Investigation Proceedings
According to The Sun, the NCA obtained a court order from the Westminster Magistrates' Court in January 2025 to freeze $13.5 million. An NCA spokesperson explained that this step was taken to prevent dissipation of the funds while the agency investigates potential links between the funds and alleged criminal activities involving third parties.
Sorare's Business and Partnership with the Premier League
Sorare operates by creating and selling blockchain-based digital collectible trading cards of athletes, representing an innovative intersection of sports and digital assets. In 2023, the company signed a $162 million, four-year sponsorship deal with the English Premier League. However, this partnership was terminated at the conclusion of the last season, possibly related to the ongoing investigation.
Regulatory Warnings and Market Context
In June 2024, the UK’s Financial Conduct Authority (FCA) sent letters to Premier League clubs warning about questionable sponsorship agreements with companies not authorized to operate within the UK, including crypto-related firms. Although some clubs have retained crypto sponsors for the following season, such as Chelsea’s partnership with stablecoin issuer Circle and Manchester City’s with the OKX exchange, the overall number of sponsorship deals between crypto companies and sports teams globally has declined amid market volatility and public concerns.
Why it matters
This news highlights the increasing scrutiny by UK law enforcement and regulatory bodies on cryptocurrency-linked companies, especially those connected to high-profile sports brands. The freezing of significant sums and investigation into Sorare emphasize the legal compliance risks and the potential impact on the reputation of both the crypto market and sports marketing. It serves as a warning to firms and sports clubs that partnerships with crypto companies must undergo rigorous vetting to ensure adherence to UK law and operational transparency.
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