Finance guru: Man City have ‘dodged a bullet’ after £1.1bn fraud allegation
Man City “dodged a bullet” by ending their partnership with cryptocurrency firm 3Key Technologies in January.
That is the view of football finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about City’s previous relationship with the start-up company.
City signed with 3Key in November of last year but suspended their partnership just a week later after further inquiries.
The Premier League champions scrapped the deal just three months down the line amid concerns about the firm’s legitimacy.
As reported by investigative journalist Martin Calladine last Thursday (2 June), 3Key have now been linked with £1.1billion fraud case in Croatia.
When asked by Football Insider if the development begs the question as to why Man City got involved in the first place, Plumley said: “It does, absolutely.
“It is another wider thing around the risks of these firms and cryptocurrencies in general.
“When you look at a club like Man City, you’d assume that a club of that size and stature is doing due diligence.
“The problem is clubs don’t want to miss out on things if they think there is a lucrative bandwagon to get on. There is a little bit of that going on at the minute with crypto.
“It remains a risky venture. You can see the fallout from that particular company now.
“City have definitely dodged a bullet on that one and that is what they will be thinking in retrospect.”
In other news, Mills has issued a ‘scary’ Man City claim after update on two Erling Haaland allies signing.