Kieran Maguire: Arsenal ‘blinded by the cheque’ as ‘big mistake’ exposes chiefs
Arsenal were “blinded by the cheque” and rushed into their deal with cryptocurrency firm Socios without adequate due diligence.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the crypto’s complex relationship with football.
The Gunners struck a deal with fan token firm Socios in August this year, with the stated aim of offering fans a voice on club matters.
But The Guardian reported last Wednesday (22 December) that the Advertising Standards Agency have pulled two Arsenal-Socios adverts.
The pair of online promotions were ruled to have misled customers not well-versed in the mercurial world of crypto.
In a press release quoted by The Guardian, Arsenal stated that they want an independent review to glean “greater clarity on the ASA’s current position.”
But Maguire insists that any appeal over the advertising ban would be a non-starter.
“They’re blinded by the cheque,” he told Football Insider‘s Adam Williams.
“This is evidence that Arsenal realise they didn’t do enough due diligence.
“We have seen Barcelona and Man City having to move away from these organisations. But clubs seem to still be moving forwards with these deals.
“If you’ve made a big mistake, the best thing to do is reflect on it. This is a quasi form of doubling down.
“They must have know they were close to the limit. Why didn’t they have a word with the ASA and say ‘this is what we’re going to do’.
“Instead, they have been reactive rather than proactive. Poor show all-round from the head honchos at Arsenal.”
The Gunners trousered £142.3million in commercial incoming in their last annual report.
Their primary sponsors are Adidas, Emirates and Visit Rwanda.
In other news, pundit tips Arsenal to sign Premier League veteran in January after source’s striker reveal.