Arsenal accused of allowing money to blind them in their failed Crypto partnership

Arsenal accused of allowing money to blind them in their failed Crypto partnership

By Admin Martin

Arsenal’s partnership with Socios, a cryptocurrency company, has put them in trouble as cryptos around the world struggle.

As one of the biggest clubs in the world, Arsenal is required to spend huge sums of money in every transfer market.

One reason for this is that they need it to remain competitive because other clubs will also spend money.

Socios partners with top clubs around Europe, and Arsenal did business with them, hoping that would be another major income stream.

However, the deal has backfired as Cryptocurrencies are crashing around the world, and it has always been a volatile market.

The financial expert, Kieran Maguire, says Arsenal put money before anything else when they agreed to that deal.

He said to Football Insider: “It is a classic case of being blinded by the cheque.

“From Arsenal’s point of view, they thought Socios would be revenue coming in with no risk to the club. They have got the background checks they should have in terms of what should have went out.

“Socios is effectively an unregulated, volatile product being marketed. It should come with a warning. There are strict rules with traditional investments when people try to flog them.”

Just Arsenal Opinion

Many clubs fell victim to the failure of the crypto market, and Arsenal is just one of them.

This business deal should teach us to ensure we do our due diligence before signing any contract.

However, considering that many clubs across the continent also partnered with Socios, we cannot blame the club for wanting more money.

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Source: Just Arsenal.

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