The World Padel Tour (WPT) has added cryptocurrency exchange platform Bitpanda as a premium sponsor.
Specific details around the partnership are scarce, but the WPT said it would work with the Austria-based company to grow the sport of padel worldwide ‘in as many ways as possible’.
The length and financial terms of the deal were not disclosed. The agreement sees Bitpanda join car company Cupra and health insurance firm Adeslas as a premium sponsor. Beer company Estrella Damm, whose parent organisation is the WPT’s main shareholder, is the sole brand in the tour’s top ‘main partner’ tier.
“As the leading platform in digital investing in Europe, Bitpanda searches for partners who too have international pedigree, and World Padel Tour is the best padel competition in the world,” said Paul Klanschek, Bitpanda chief executive.
“It is another step for our commitment to the most important sporting competitions in the world.”
Mario Hernando, World Padel Tour’s general director, added: “It is another step forward for the circuit to associate itself with a company that was formed out of necessity to provide sensible solutions to its investors.
“We are thrilled that Bitpanda has chosen an emerging and growing sport like padel, like the company itself which has grown significantly in recent years.”
The addition of Bitpanda arrives as the WPT faces competition from the International Padel Federation’s (FIP) newly established Premier Padel tour. Last month, the FIP, padel’s global governing body, received backing from Qatar Sports Investments (QSI) to create the new tour.
The WPT, which is not regulated by the FIP, has been accused of binding players to its tour, in addition to giving them poor pay and no decision-making power.
Last month, the FIP and padel’s Professional Players Association (PPA) jointly submitted a complaint to the European Commission, accusing the WPT and Estrella Damm of breaking European Union (EU) competition law.