New Ibrox crypto blow as Turkish firm Bitci default on payments

Less than four months after signing up for an ‘exciting new collaboration’ with the club from Ibrox, Bitci Technology are defaulting on payments owed to a number of Spanish football clubs. 

The Bitci logo has been on the back of the Ibrox players shorts over the last few months, below the Sportemongo logo that has recently been blanked out after they went pop. 

Commercial Director James Bisgrove has introduced a variety of ‘exciting new initiatives’ to the club which has resulted in a variety of logos appearing across the Castore kit. 

Sportemongo lasted less than six months on the kit before they defaulted on payments, it looks like Bitci are going down a similar path with both logos already on next season’s kits which will shortly go on sale to loyal fans.

On 17 February this year Bisgrove told the club website: 

This partnership represents a compelling and exciting new collaboration for Rangers. It will have an immediate and positive impact on the continued growth of commercial revenues. 

We have been inspired by the vision of Mr Çagda? Ça?lar (Founder and Chairman) and the ambition of Bitci Technology, at a time when the global value of cryptocurrency has reached a record high. 

And after a record high most folk know what follows, this time the fallback has resulted in a crash landing. 

Covering the non-payments from Bitci, 2playbook.com reports: 

The Turkish cryptocurrency trading platform blames its government to justify the delays before the Royal Spanish Football Federation (Rfef) and several LaLiga clubs. The hole, according to some sources consulted, exceeds five million euros. The reason would be found in the law to regulate crypto assets promoted by President  Recep Tayyip Erdogan last winter. A measure that, although not yet in force, threatens to suspend its activity and ban international transfers of cryptocurrencies. “We have no problems paying”, they have reiterated from the technology company when asked about these delays. 

But the reality is that the sports entities that signed last year with the  fan token company  were left halfway. They received a first payment at the beginning of the season, but nothing more. And so they have been waiting until the end of the payment schedule. Some, for this reason, already prepare the complaints. Others prefer to wait until June 30 in the hope of receiving what is signed before the end of the year. Once this date passes, it will be possible to better calculate the  breakdown  of this platform in Spanish sport.