Soccer clubs quit crypto sponsorships

Two high-profile partnerships between soccer clubs and crypto companies were cut short earlier this month, with FC Barcelona and Manchester City choosing to disassociate themselves with crypto companies that failed to meet industry standards.

The first case concerned the deal between 3Key Technologies and Premier League powerhouse Manchester City.

The partnership had to be put on a hiatus after internet sleuths discovered that three of the senior managers at the company had no recognizable digital footprint.

Criticized for the trigger-happy manner in which the partnership was established, Manchester City chose to immediately discontinue its ties and launch an internal review that will determine whether 3Key is a fitting partner.

Meanwhile, Barcelona FC had to sever ties with Ownix prompted by the arrest of Moshe Hogeg, a crypto investor who is also a listed consultant for the company.

Barcelona was one of most avidly courted soccer teams with numerous NFT marketplaces and crypto stock exchanges trying to secure a sponsorship deal with the team. In the end, the honor went to Ownix.

Nevermind the prompt reaction by both teams, observers have argued that both soccer clubs must have looked at the money first and missed out on the due diligence along the way.

In light of those cases, Capital Block’s Timothy Mangnall told Cointelegraph that clubs should be more careful about how they sign such deals and be swayed by hype.

Meanwhile, you can still use crypto to enjoy sports with crypto. Place a crypto bet at 1xBit, Bitcasino or FortuneJack.

Source

Updated: 11/25/2021 — 13:00

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