Financial expert and football pundit, Kieran Maguire, insists Arsenal’s failed experiment with Socios will act as a wake-up call to other clubs when they want to invest.
Arsenal partnered with the cryptocurrency firm as one way of making more money and getting their fans more involved in the running of the club.
However, it seems they did not do their due diligence before rushing into the partnership.
The crypto market around the world has now crashed and they are one of the clubs who are suffering a backlash from fans.
If they had taken their time to study the market, they probably would have considered the investment too risky.
Maguire says other clubs will now use their failure to learn about investing carefully. He tells Football Insider:
“I said this before. A lot of them were chasing the money more than anything. That was front and centre.
“It was less about the risks associated. Everyone wanted to be on that train, especially if that train means greater revenue. I think clubs have been short-sighted with it.
“This kind of backlash that we have seen might make more clubs think twice about it. They might think, ‘Is this really worth it? Should we look elsewhere in the short to medium term.’”
Just Arsenal Opinion
The crypto market has always been too volatile to invest in, but we can understand Arsenal’s decision to dabble in it considering that they need more money.
We will learn to be more careful in the future and the fans who lost money have to move on and give the club another chance to get things right.
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