Chelsea have been hit by a heavy sponsorship blow.

Cryptocurrency firm Amber Group are reportedly ending their £20million-a-year deal with Chelsea.

Amber Group became the club's official sleeve partner in May, with the logo of WhaleFin - the company's flagship digital asset platform - emblazoned across the kit of both the men's and women's teams from the start of the season.

However, Bloomberg have reported that the crypto crash is set to hit Chelsea with Amber Group set to end their deal with Chelsea, just seven months after it started.

The report also adds that over 40% of jobs at the firm are to be axed over the collapse of FTX exchange.

Chelsea's deal with Amber Group started just days after American owner Todd Boehly took over the club from Russian billionaire Roman Abramovich.

Amber's WhaleFin trading platform logo, replaced the former shirt sleeve sponsor which was car manufacturer Hyundai.

It was Chelsea's first official move into the crypto market and was done weeks after Manchester United made a deal with blockchain group Tezos.