Jun 6, 2023
The ongoing decline of the crypto market has left more commercial wreckage in sports — as an affiliate of the NFL Players Association scrambles to recoup nearly $42 million.
The union’s annual report recently filed with the U.S. Department of Labor detailed $41.8 million in accounts receivable through OneTeam Partners — a joint venture involving the NFLPA, several other pro athlete unions and the U.S. Women’s National Soccer Team, among others — saying there remains “uncertainty” surrounding collection of the money.
According to The Athletic, the unpaid funds look to be connected to sharply declining activity surrounding non-fungible tokens (NFTs), particularly those produced by Dapper Labs and DraftKings, both of whom have already sought to renegotiate licensing deals with the NFLPA.
The unpaid funds represent roughly a fifth of the union’s annual commercial activity.
Many individual crypto currencies have lost most of their value following a bull run in 2021. FTX’s collapse was the most notable, leading to an arena name change in Miami and multiple lawsuits.
Source: Front Office Sports