Dr Dan: Arsenal hit by ‘PR’ disaster after deal for ‘next big thing’ backfires
Arsenal have taken a PR hit as well as a financial one because of the negative press surrounding their commercial deal with Socios.
So says finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about the Gunners’ deal with the cryptocurrency provider.
Arsenal embarked on a partnership with Socios in August this year and immediately launched an online promotional campaign.
But the Advertising Standards Agency has now banned two Arsenal-Socios adverts, as per The Guardian last Wednesday (22 December).
The promotions are said to have misled “inexperienced” customers and taken advantage of their lack of “credulity.”
Plumley claims that crypto could follow alcohol, tobacco and gambling in becoming the “next big thing” in terms of taboos in football sponsorship.
“We’re talking about where the club positions itself morally,” the Sheffield Hallam University expert told Football Insider‘s Adam Williams.
“The issue with crypto is the lack of knowledge and regulation around it.
“It’s interesting that ASA have stepped in on this one because that’s the first time that’s happened on a high-profile case.
“It’s awful PR for Arsenal and it hurts your wallet. Where do you go next with it?
“The minute you enter a contract, you’ve got a lot of legal stuff to unpack and you’ve got to deal with the pushback.
“You’re only ever five years away from the next thing being the worst thing in sponsorship.
“This could be that next big thing in sponsorship where clubs realise that it isn’t right.
“Although, there is an argument to say clubs will take whichever is the biggest deal offered to them.
“The lack of regulation is creating a big issue and that is what is putting the pressure on these clubs.”
Arsenal are seeking an independent review to challenge the ASA’s findings.
The Gunners trousered £142.3million in commercial income in the last financial year.
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