President of the soccer club says money was used to pay off old debts.

The Vasco soccer team has already spent all the value of the sponsorship it received through the partnership with the Bitcoin Market, according to O Globo. The president of the club, Alexandre Campello, confirmed that the $ 10 million received from the Brazilian exchange were used to pay debts.

This way, in a short time the Rio de Janeiro’s team ‚ended‘ in $ 10 million referring to the sponsorship quota signed between Vasco and Mercado Bitcoin. However, the club will be able to receive even more money with the partnership signed with the cryptomoedas brokerage house.

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Announced on November 5, 2020, the partnership between the exchange and the soccer club should continue to yield profits for the soccer team. Because, besides the millionaire sponsorship, Vasco and the Bitcoin Market ‚tokenized‘ players.

Bitcoin Market sponsorship

The Bitcoin Market has decided to sponsor the Vasco da Gama club which has received a contribution of $ 10 million recently. However, all this amount has already been spent by the soccer team.

In other words, in less then a month the sponsorship quota offered by the Brazilian exchange was already used by Vasco. According to the team’s president, the amount was spent to pay back debts.

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Besides, Alexandre Campello said that part of the amount received of $ 10 million also served to pay back wages of players. According to the club’s president, the money was strategically spent, so that no amount would remain on the club’s account.

This way Vasco avoids the seizure by Justice of the money received with the sponsorship of Bitcoin Market.

Selling players

The partnership between Vasco and the Bitcoin Market was not restricted only to the sponsorship of $ 10 million. The agreement between the exchange and the soccer team also foresees the sale of players passes from tokens.

Thus, with the sale of players, the Bitcoin Market and Vasco can receive more than $ 50 million. In this case, the value refers to the tokens created to promote the „Solidarity Mechanism“ project, as reported by Cointelegraph.

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The project aims to finance young Brazilian soccer stars who are still in the phase of professional development. With the creation of cryptomoedas to support these players, the Bitcoin Market will allow the division of profit with the player’s pass among the token holders.

Flemish and digital bank

Vasco’s team is not the only one to close a partnership in 2020 with financial institutions. Also from Rio de Janeiro, Flamengo has agreed a sponsorship that can reach R$ 105 million with the Bank of Brasilia (BRB).

Although Flamengo has not ‚tokenized‘ players, the club created a digital bank together with the Bank of Brasilia (BRB). With account and debit card, the team with 42 million fans launched the „Nação BRB + Fla“ in July 2020.

As quoted in the proposal between Flamengo and BRB, the profit with the digital bank will be divided equally between the parties. In addition to cards and checking account, the institution should offer investment options such as capitalization securities and even private pension quotas.