Drone Racing League, the international drone racing series, has agreed a lucrative new sponsorship deal with cryptocurrency platform Algorand.

The two parties have signed a five-year deal worth $100 million, according to CNBC.

Under the long-term agreement, Algorand will serve as DRL's naming rights partner from the upcoming sixth season. 

Financial services company Allianz had held the title rights since DRL started, and will remain a league partner.

DRL will develop a Digital Drone Racing series built into Algorand's blockchain network, and the companies will "showcase the power of Algorand blockchain through DRL's broadcast, social and gaming channels." 

Excel Sports Management, the New York-based sports agency and management company, brokered the deal on behalf of the DRL.

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DRL starts its sixth campaign on 29 September.

Rachel Jacobson, DRL president, said: "The Drone Racing League's global, tech-obsessed fans love that our sport constantly evolves, and blockchain was the next groundbreaking technology in our sights.

"As the largest partnership in DRL's history, we have ambitious plans to deliver a unique sports experience in the metaverse. We are incredibly excited about how this partnership will change the game for sports and tech fans and the blockchain community around the world."

The Algorand deal represents another significant partnership for the league after it entered into an agreement with DraftKings, the daily fantasy and sports betting company, earlier this year.

Other sponsorships include agreements with DraftKings, T-Mobile, Bodyarmor, and the US Air Force.

The league has media rights deals with US broadcasting giant NBCUniversal and a streaming deal with Twitter.

This year, crypto companies have signed sports naming rights deals in North American basketball’s NBA and Major League Baseball, while Crypto.com recently reached a $100 million deal with Liberty Media-owned motor racing series Formula 1.