NCA Freezes Premier League Funds Amid Crypto Probe
Britain’s National Crime Agency (NCA) has frozen over $13.6 million (£10,024,041.33) held in a Barclays bank account belonging to the Premier League, the nation’s top football division. The move comes as the agency investigates a cryptocurrency company that made the payment, according to a report by The Sun.
Court Order Issued in January
The NCA secured a court order from Westminster magistrates’ court in January 2025 under the Proceeds of Crime Act. The order targets funds held in an account registered to The Football Association Premier League Limited. A spokesperson for the NCA stated the purpose of the freeze is “to prevent dissipation of the funds while the NCA investigates any potential links between those funds and alleged third-party criminality.”
Sponsorship Deal Under Scrutiny
The frozen funds represent the initial payment from Sorare, a fantasy football platform, under a four-year sponsorship deal announced in January 2023. While the exact value of the deal was not publicly disclosed by either party for contractual reasons, reports at the time suggested it was worth approximately $41 million (£30 million) annually, totaling around $163 million (£120 million) over its term. The agreement granted Sorare the rights to issue digital cards for players from all 20 Premier League clubs, with clubs receiving payments based on the usage of their respective cards. The sponsorship concluded after the 2025-26 season.
Premier League Denies Wrongdoing
There is no suggestion of any wrongdoing on the part of the Premier League itself. The league declined to comment when approached by The Sun. The Premier League is scheduled to appear in court on Monday to seek a variation of the order, which is currently in effect until September 14. The league’s most recent financial statements, covering the period up to July 31, 2025, indicate reserves exceeding $2 billion (£1.5 billion), The Sun reported.
Sorare’s Business Model and Investor Base
Sorare operates a fantasy football game where participants assemble virtual squads using digital player cards and earn points based on the real-life performance of those players. Established in 2018, the company initially functioned as a crypto-only marketplace, allowing users to trade cards using Ethereum or Solana. Cash payments were introduced in August 2023. The Premier League has previously listed prominent figures such as Lionel Messi, Zinedine Zidane, Kylian Mbappé, Rio Ferdinand, and Serena Williams among Sorare’s investors and ambassadors. The company’s valuation was reported at $4.3 billion (£3.21 billion) following a 2021 funding round led by SoftBank.
Gambling Charges Against Sorare
Separately, Sorare is facing legal challenges regarding whether its operations constitute gambling. In September 2024, the UK’s Gambling Commission charged Sorare with providing gambling facilities without an operating licence, a violation of the Gambling Act 2005. This action followed an investigation that commenced in 2021 and marked the regulator’s first enforcement against a blockchain-based platform. Sorare entered not-guilty pleas to three charges at Birmingham magistrates’ court in October 2024. The trial, initially slated for June 2026, has been postponed to June 2027.
Sorare’s Defense and Contractual Status
Sorare informed The Sun that it could not comment on the freezing order and confirmed that its Premier League contract had expired as planned. Regarding the gambling prosecution, the company stated it “firmly” denies its product is considered gambling under UK law, asserting that the Commission has “misunderstood our business and wrongly determined the laws apply to Sorare.” Sorare maintains that its game rewards skill rather than chance.
Regulatory Warnings to Clubs
The broader trend of crypto-related deals has drawn attention from regulators. In June, the Financial Conduct Authority (FCA) sent letters to Premier League clubs, warning that partnerships with unauthorized crypto firms could contravene financial services legislation and expose clubs to legal and reputational risks. Lucy Castledine, the FCA’s director of consumer investments, emphasized that “millions of football fans trust their club’s badge,” and clubs “should not let unauthorised financial firms exploit that loyalty by putting potentially dodgy products in front of millions of fans.”
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