Drone Racing League enters crypto world with $100m Algorand deal
Drone Racing League, the international drone racing series, has agreed a lucrative new sponsorship deal with cryptocurrency platform Algorand.
The two parties have signed a five-year deal worth $100 million, according to CNBC.
Under the agreement, Algorand will serve as DRL's naming rights partner from the upcoming sixth season.
Financial services company Allianz had held the title rights since DRL started, and will remain a league partner.
Excel Sports Management, the New York-based sports agency and management company, brokered the deal on behalf of the DRL.
DRL starts its sixth campaign on 29 September.
In an interview with CNBC, DRL president Rachel Jacobson described the tie-up with Algorand as “transformative” and the “perfect marriage.”
The Algorand deal represents another significant partnership for the league after it entered into an agreement with DraftKings, the daily fantasy and sports betting company, earlier this year.
Other sponsorships include agreements with DraftKings, T-Mobile, Bodyarmor, and the US Air Force.
The league has media rights deals with US broadcasting giant NBCUniversal and a streaming deal with Twitter.
This year, crypto companies have signed sports naming rights deals in North American basketball’s NBA and Major League Baseball, while Crypto.com recently reached a $100 million deal with Liberty Media-owned motor racing series Formula 1.