DigitaBits have not yet paid Inter the first two out of three installments owed to Inter to a value of €16 million on their shirt sponsorship deal for the 2022-23 season.
This according to Italian football finance news outlet Calcio e Finanza, who detail the amounts of the payments not yet received by the Nerazzurri, which also include €1.6 million in performance-related bonuses for the 2021-22 season.
So far, Calcio e Finanza report, DigitalBits have paid Inter the €5 million due as payment for their logo being on the sleeve of the Nerazzurri’s matchday shirt during the 2021-22 campaign.
In addition, the cryptocurrency company paid Inter €0.1 million as a bonus for reaching the knockout stage of last season’s Champions League.
However, Calcio e Finanza reports, DigitalBits have yet to pay €1.6 million in bonuses for competitive targets reached by the Nerazzurri last season, namely finishing second in the Serie A table and winning the Coppa Italia.
Moreover, the cryptocurrency have yet to pay out any of the money owed to Inter on the sponsorship deal for this season, with the Nerazzurri to be paid €24 million in total for the entire season.
So far, two instalments of that amount have been due, worth €16 million, and DigitalBits have not paid Inter any of that amount.
Additionally, Calcio e Finanza reports that the current sponsorship deal between Inter and DigitalBits stipulates that the cryptocurrency company pay the Nerazzurri €26 million during the 2023-24 season, and then €30 million during the 2024-25 season for being the main shirt spons.
Apart from the missed payments, Calcio e Finanza also report that Inter have presented a document claiming that DigitalBits have failed to submit work on a project related to the club’s digital ecosystem that they are contractually obligated to.
While the cryptocurrency company’s logo remains on the front of the Nerazzurri senior men’s team’s matchday shirt for the time being, it has been removed from the women’s and youth team shirts as well as from the club website in response to the nonpayment.
Calcio e Finanza note that DigitalBits’s difficulties in making the contractually obligated payments relate to a major financial crisis in the cryptocurrency sector which has only deepened over the course of 2022.
