The crypto sponsor collapse that shocked F1
Cryptocurrency exchanges and NFTs hit F1 in a sponsorship wave in 2021 but, as MARK GALLAGHER explains, the tide seems to be on its way out
Twenty years ago Formula 1 suffered an exodus of giant telecoms sponsors. Companies which rode the internet wave were then wiped out when investor confidence dissolved in the face of mounting losses and appalling governance. The dot-com bubble had well and truly burst.
Nortel (Williams) and Lucent (Jordan) were two such organisations. The former’s value crashed from £186billion to £2bn in two years, the latter collapsed after an £86million ‘accounting error’ was followed by sales in one quarter being overstated to the tune of £482m.
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