VeChain to have promotional branding on atlete kits
White recently joined Meta Platforms’ board of directors
VeChain Sponsors Power Slap in Multi-Million Dollar Deal
The pact will see VeChain sponsor title events, and have placement on the athlete’s kits, promotional material and in post-fight press conferences. Terms of the deal were not disclosed, but a person familiar with the said it was over $10 million.
Viral Growth, Online Success, and Investor Regret
Power Slap, which originally launched in early 2023, sees competitors stand their ground and take turns to strike each other across the face. Early clips of the competition — initially broadcast on the TBS network as a reality TV show — went viral, and Power Slap now has more YouTube subscribers than several pro sports leagues including the NHL, Nascar, the PGA Tour and X Games. White said in May last year the Power Slap has already hit a $750 million valuation.
The events have attracted criticism from medical organizations, and did not return to TBS. White, who is the driving force behind the success of the Ultimate Fighting Championship, has kept Power Slap events online, rather than seeking a TV deal.
“All the things that come with a traditional television deal, I do not like,” White said in a phone interview. “They want to control the product, they want the commercials. Power Slap was built on the internet.”
White said he and the company’s investors put $10 million into Power Slap and made their money back after the first season. Former Milwaukee Bucks owner and Avenue Capital Group co-founder Marc Lasry said in October he regrets not investing in the league.
“I thought it was the dumbest thing in the world and that league has caught this country by surprise - people love it,” Lasry said at a Sports Business Journal event last year.
Dana White Eyes Boxing and Future Expansion Beyond Power Slap
VeChain previously signed a sponsorship deal with UFC. It’s unclear whether the new deal is funded in cash or cryptocurrency.
Outside of Power Slap, White has also teased jumping into the business of boxing. Last week, TKO president and chief operating officer Mark Shapiro said the group — which is the parent company of UFC and WWE — is close to a deal with the Saudi Arabian public wealth.
“I will tell you that we are close on an agreement with the Saudis on a creation of a boxing league where we TKO would be the producer, the promoter and responsible for all day-to-day operations of the venture, where by we would receive a fee of $10 million plus,” Shapiro said during a financial call with investors.
White, a close friend of President Trump was recently appointed to Meta Platforms Inc.’s board of directors. Trump is also big fan of the UFC.