Following the news that Turkish Airlines is the first airline to sponsor the UEFA Champions League after Crypto.com walked away from a deal;

Conrad Wiacek, Head of Sport Analysis at GlobalData, a leading data and analytics company, offers his view:

“Turkish Airlines becoming the first Airline partner of the UEFA Champions League signifies a return to health for what was a traditional sponsorship sector pre-pandemic. A sponsorship of this value, standing at $60 million per year, suggests not only the airline sector’s recovery, but also reinforces the strength of sponsorship as a means of brand building.

“Joining the likes of Emirates, Delta Airlines, and Etihad as a sponsor of major sporting properties suggests Turkish Airlines is keen to highlight its recovery.”

Nicholas Wyatt, Head of Travel & Tourism at GlobalData states: “Few carriers can match Turkish Airlines’ reach when it comes to global connectivity, and the airline is looking to cement its position as a major global player, aided by the airport megaproject in Istanbul. Turkish Airlines is very much in the same league as the likes of Emirates and Delta, so it makes sense that it has pursued a deal with a tier-one sports property that brings the highest level of brand exposure.”

Wiacek continues: “The deal also represents a huge win for the UEFA, following the news that Crypto.com pulled out of its sponsorship deal at the last minute—costing the UEFA an estimated $80 million per year.

“Cryptocurrency partnerships were worth over $566.87 million annually at the end of 2021 compared to the $234.24 spent by airlines at the end of 2021. However, with the collapse of cryptocurrencies in 2022, the crypto sector is evidently reassessing its marketing budgets and strategies, leading to questions as to whether it will continue to be the safe haven it became for the sports industry during the pandemic.”