“Legal loopholes and $400 Million lawsuit” – Alfa Romeo’s new title sponsor is more than just a crypto brand

Samriddhi Jaiswal | 31/01/2023
"Legal loopholes and $400 Million lawsuit" - Alfa Romeo's new title sponsor is more than just a crypto brand

Alfa Romeo F1 team recently joined hands with an online crypto casino brand Stake.com and signed them as its title sponsor.

The signing does come at a weird time since major F1 teams have steered away from crypto brands in the recent past. Mercedes ended its relationship with FTX after the company was declared bankrupt.

Ferrari, too dropped Velas from their car after their share value plummeted from $0.001 to $0.000081. Similarly, Red Bull too steered clear of Tezos heading into the 2023 season.

In its press release, Alfa Romeo did not reveal the amount of the deal although it did call it a record-breaking one with a multi-year signing. Going ahead the full name of the team would be Alfa Romeo F1 Team stake.

Although, there’s more to Stake.com than what is easily visible on the surface.

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Legal loopholes and a $400 Million lawsuit against Stake.com

Stake.com is not like the other crypto brands, it is rather an online crypto casino. The basic information about the company suggests that it is based out of Curacao.

But an investigation by Australian outlets the Age and the Sydney Morning Herald in 2021 revealed that the company is actually placed in Australia.

It further raised concerns among anti-gambling advocates as online casinos are banned in Australia since 2001. Although, a loophole suggests that the company can operate from Australia as long as it does not the Australians to use the site.

Furthermore, Sydney Morning Herald in 2022 revealed that Christopher Freeman was one of the associates of Edward (Ed) Craven and Bijan Tehrani, the owners of Stake.com.

Freeman claims that Craven and Tehrani misled him into not being a part of Stake.com even though it was he who had pitched the idea to his associates in college. Therefore, he is seeking $400 Million in damages from the company.

Previous title sponsors of the Alfa Romeo F1 team

Alfa Romeo previously held title sponsorship with the polish company Orlen. The Oil and Gas company backed the Swiss team’s reserve driver Robert Kubica for the past three years.

Orlen had been Alfa Romeo’s partner for 3 years but now has switched to their rival AlphaTauri, which is the sister team of Red Bull.

Orlen’s departure from Alfa Romeo also seems to be a likely signal that the end of Kubica’s F1 career is near. The 38-year-old race winner last participated in two GPs in 2021 when Kimi Raikkonen tested Covid-19 positive.

Also Read: Lewis Hamilton once wore three watches worth $10,000 to take stand against FIA

Post Edited By: Samriddhi Jaiswal
Alfa Romeo Orlen Stake.com

About the author

Samriddhi Jaiswal

Samriddhi Jaiswal is an F1 editor and writer at The SportsRush. She started her career as a business journalist but soon found her calling in lights out here we go! Samriddhi has been a Ferrari fan even when her interaction with F1 was occasional. Her first real experience with the thrilling sport came when Charles Leclerc clinched his iconic victory in Spa and Monza and painted the track red. Now, a Tifosi, Samriddhi is a hardcore fan of the prancing horse and can relate to the chaos within the Italian camp and also admires Ayrton Senna and Michael Schumacher. Off the track, she finds her home in books and musical instruments.

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