The Malta Premier League Makes Curious Choice of Sponsors

The MPL’s sponsorship deals with Fastex and VBet, companies owned by Armenian businessmen Vigen Badalyan, highlight questions about financial transparency and regulatory oversight.

This article was written by Michael Schmitt, an investigative journalist and founder of gaming and finance research firm, TRIDER, with additional reporting by The Sports and Crime Briefing.

On January 16, the Malta Premier League (MPL) announced a sponsorship deal with Fastex, a crypto-centric company with operations allegedly spread between Armenia and Dubai. While corporate sponsorships are standard in sports, this particular deal raises questions about Fastex's ownership and actual business presence.

Where is Fastex Based?

Fastex, according to its public records, is registered as a Virtual Asset Service Provider (VASP) in Lithuania. However, financial data from rekvizitai.vz.lt shows troubling figures. In its most recent filings for 2023, FastEx Europe UAB reported a loss of €113,649 on revenue of just €194,990.

According to LinkedIn, Fastex employs just one person in Lithuania and has no staff in Malta—the country where it is making this high-profile sponsorship move. The bulk of its operations seem to be based in Armenia and Dubai.

Yet, the MPL has signed with it as a prominent sponsor.