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Kieran Maguire: Arsenal caught up in 'very concerning' sponsor controversy
It is “concerning” that ethically dubious firms are using Arsenal to legitimise cryptocurrency.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the latest twist in the Gunners’ deal with Socios.
Arsenal embarked on a partnership with the crypto-provider-cum-fan-engagement platform in June 2021.
But the Londoners told the Daily Mail last Saturday (12 March) that they want answers after Socios were accused of malpractice.
An investigation by Off the Pitch last Friday (11 March) alleged that Socios CEO Alexandre Dreyfus has illegally manipulated the value of his currency.
Two Arsenal-Socios adverts were also pulled by the Advertising Standards Authority in June 2021 over misleading claims.
Maguire observes that football’s relationship with crypto has been beset by scandal.
“It’s very concerning that these industries are using football to legitimise their products,” he told Football Insider’s Adam Williams.
“They are using the football industry as a bridgehead to try to get people more interested in fan tokens, NFTs and the wider world of cryptocurrency.
“That world is highly volatile, unregulated, and easily manipulated. It’s up to the football industry to determine its own moral and ethical code.
“But the major issue with football clubs is that they are afraid of missing out on an additional income stream.
“There are many clubs that aren’t making profits under the present business model and have sought an alternative source of income for many years.”
Arsenal lost £107.3million throughout the Covid-hit 2020-21 financial year.
Their commercial revenue fell by £12m to £126m over the same period.
In other news, Kevin Campbell can’t believe “incredible” Thomas Partey transformation after this Mikel Arteta “tweak” at Arsenal.