The Premier League is in talks over a £30m-a-year deal with French digital assets firm Sorare, despite an ongoing investigation into the company by UK regulators.
First reported by Sky NewsThe Premier League is holding talks today with all 20 clubs involved to discuss a multi-year deal for Sorare.
Under the terms of the deal, Paris-based Sorare – which is backed by Japanese conglomerate SoftBank and French footballer Kylian Mbappe – will create digital assets based on the league’s players that can be bought by fans.
The deal will replace an existing NFT agreement between the Premier League and ConsenSys, which has not yet been signed. The Premier League is also reportedly in talks with NFT specialist Dapper Labs about a potential deal.
Sorare, valued at $4.3 billion, has already partnered with Premier League side Liverpool despite an ongoing investigation into the company by the UK Gambling Commission.
The gambling regulator issued a statement last year said Sorare was not licensed by the commission and warned users to consider whether financial interactions with the firm were safe.
The Gambling Commission is “currently carrying out investigations into the company” to determine whether the company needs a license to operate and declined to comment further.
A spokesperson for Sorare responded to the inquiry, saying: “Sorare remains very confident that it does not offer any form of gambling and this has been confirmed by expert legal opinions at every stage of the company’s establishment, including when signing new partnerships.”
Premier League in talks for £30m digital asset deal despite gambling probe
