By Kieran Maguire

18th Sep, 2021 | 10:00am

Kieran Maguire warns Everton after 'misleading' seven-figure reveal

Everton must be careful not to mislead fans with its £1million cryptocurrency scheme.

So says finance expert Kieran Maguire, speaking exclusively to Football Insider about the Socios fan token initiative at Goodison Park.

Everton confirmed on 15 September that they had sold all 500,000 virtual tokens, listed at £2 each, in under four minutes.

It is unclear how much, if any, of the proceeds will go to Everton.

Socios, who offer fans who purchase tokens the chance to vote on certain club decisions, have made huge inroads in football in recent months.

Maguire urges the dozens of clubs to have signed up with the crypto provider not to dupe their fanbases into a get-rich-quick scheme.

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He told Football Insider correspondent Adam Williams: “I think these fan tokens are being monitored very carefully by the market.

“That is because I think we have reached peak matchday income unless you move to a new stadium.

“The only way you can boost matchday income is to increase the number of punters or increase the number of matches.

“I don’t think you can increase prices for working-class clubs like Everton. It is the people’s club, in many ways and I’m all for that.

“But trying to find alternative ways to monetise is key. In my opinion, these tokens are the equivalent of Panini cards without the card.

“I have no problem with people buying these, but sometimes I think they are sometimes sold as a quasi-investment, which can be misleading.

“In terms of engagement, it is very much at the periphery of the club. You can change the colour of the corner flags and such.

“If that’s what floats your boat, fine. But a degree of caution should be exercised by anyone who thinks they are going to get rich from this.”

In other news, Rafael Benitez working luring ‘world-class’ stat to Everton in January.