Quick take:
- Premier League will talk to its 20 football clubs to discuss a multi-year partnership with Sorare.
- Sources say the deal with Sorare would replace an agreement with ConsenSys.
- The deal with ConsenSys was not signed following a renegotiation at a lower price.
The English Premier League is reportedly discussing with its 20 football clubs a £30m-a-year digital tokens contract with Paris-based sports fantasy game platform, Sorare.
According to Sky News, the deal focusing on static image NFTs of Premier League’s footballers could be signed within weeks. Industry sources said that Sorare’s deal, if signed, would replace a previous agreement with ConsenSys, which fell through.
In February, the Premier League shortlisted four blockchains (Sorare, Candy Digital, Dapper Labs and ConsenSys) for an NFT licensing deal worth up to $589 million. ConsenSys reportedly won the NFT deal in March while Dapper Labs was said to have landed the rights to create video NFTs, according to British media outlet, iNews.
While ConsenSys had the NFT deal, which was almost signed, in the bag, the firm tried to renegotiate the agreement at a lower price following the market slump. A Premier League executive was informed that the deal with Sorare was more lucrative. A separate agreement with Dapper Labs is also under discussion.
In July, the Premier League said it would be sticking to its plans of launching an NFT collection. In preparation, Premier League filed new Web3 applications with the United States Patent and Trademark Office in June, covering digital asset trading services, financial and crypto services, virtual clothing, footwear and sports gear.
However, a Premier League insider said that the trademark filings were made to protect the League’s intellectual property rights instead of an indication of future plans.
If successful, the agreement with the Premier League would be the latest in a series of major partnerships for Sorare, which now has more than 280 partnering sports organisations including La Liga, the Bundesliga, AC Milan, Liverpool FC, Argentinian Football Association and Major League Baseball.
In June, French football star Kylian Mbappé became an investor, social impact partner, and ambassador in Sorare.
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