Finance guru: Arsenal have 'exploited' their own fans with 'ugly' deal
Arsenal have “exploited” their own fans with an “ugly” cryptocurrency partnership – and a major rethink is needed if they are to continue their association with the industry.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about the Gunners’ controversial deal with Socios.
The partnership, which was announced in July last year, purports to give supporters a say in club policy through the use of fan tokens.
But critics argue that claims about fan engagement are overblown and that football’s relationship with crypto at large is a Ponzi scheme.
Data taken from Coin Market Cap on Monday (13 June) shows that Arsenal’s token, which began trading at around $6, is now worth approximately $1.50.
Plumley insists that the Gunners will need to think very carefully before they sign another crypto deal.
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“This is where we are at with crypto at the moment,” the Sheffield Hallam University expert told Football Insider’s Adam Williams.
“When clubs were first starting these deals, we were in the middle of the pandemic. Clubs were trying to claw as much money back as possible and this was the train that nobody wanted to miss.
“However, they probably didn’t know where that train was headed, and now it’s come full circle. But I don’t think we have seen the last of crypto deals. Fan tokens are in the same spectrum.
“It’s clear that everyone has got their strategy wrong with these tokens. It did seem a little bit exploitative at the time and a way to make more money from fans. We have seen that manifest in all sorts of ugly ways.
“With this crash, clubs are going to have to look at things differently if they are going to do these deals again. A lot of fans have been burnt by this and it leaves a bad taste.”