Finance guru: Aston Villa ‘scared’ as details of crypto probe emerge
Aston Villa were “scared” of missing out and have jumped on board the cryptocurrency gravy train without stopping to consider the risks.
So says finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about the latest developments in the football-crypto industry.
Villa were one of a number of Premier League clubs to launch a fan token with crypto-provider-cum-fan-engagement-platform Socios last summer.
An investigation published by Off the Pitch last Friday (11 March) found various instances of malpractice within Socios.
CEO Alexandre Dreyfus is alleged to have illegally manipulated the value of the cryptocurrency and withheld payment from staff.
Plumley theorised about why the likes of Villa were so quick to get into bed with crypto firms despite the questions surrounding the industry.
“Clubs feel the pressure to get on board with everyone else,” the Sheffield Hallam University expert told Football Insider’s Adam Williams.
“They’re scared of missing out. They’ll also look at this from the point of view that, if it negatively impacts one club, others will be hit in the same way.
“But the way the industry operates is to not even focus on the pitfalls. They are just thinking they have to be onboard the train.
“The problem at the moment is that we don’t know where the train is going with regards to regulation and transparency.”
Villa lost £37.3million over the course of the last recorded financial year.
Commercial income accounted for £18.1m of turnover.
In other news, medical expert claims Marvelous Nakamba “at risk” as exact Aston Villa comeback date revealed.