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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Chelsea 2-2 spurs, both managers red carded.
Em try reseach the crypto market before condeming it.
Crypto is in a bear market now and it works in cycles and will in the next few years go back up in my opinion.
I have a few just 5 which im happy to hold forever and i wouldnt put anyone off getting some.
Ok i admit there are scams out there just like in all walks but if your carful and dont over do it you can do well.
Plus who wouldnt want some Arsenal crypto just to have.
MARTINS LAST SENTENCE DIRECTLY CONTRADICTS THE REST OF HIS ARTICLE.
SIGH!
Don’t see your point – the last sentence contradicts a quote from the financial expert, maybe, but not anything stated by the writer themself…