Kieran Maguire: Arsenal 'blinded by the cheque' after ruling made
Kieran Maguire has claimed Arsenal were “blinded by the cheque” after a ruling by the Advertising Standards Agency over the club’s marketing of Socios.
Speaking exclusively to Football Insider, the finance expert claimed the Gunners marketed “an unregulated, volatile product.”
Socios, a digital fan token firm, has deals with six Premier League clubs, including champions Manchester City, as well as Barcelona, Juventus and Paris Saint-Germain.
On 10 August, the ASA ruled that Arsenal’s marketing of Socios was “misleading” and “irresponsible”.
Maguire suggested fans should be warned of the dangers of investing in such markets.
“It is a classic case of being blinded by the cheque,” he told Football Insider.
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“From Arsenal’s point of view, they thought Socios would be revenue coming in with no risk to the club. They have got the background checks they should have in terms of what should have went out.
“Socios is effectively an unregulated, volatile product being marketed. It should come with a warning. There are strict rules with traditional investments when people try to flog them.
“If Socios want to view themselves as an investment it should be a case of the buyer beware. But that did not come across from the marketing from Arsenal. Socios is very coy about the way it markets itself.
An Arsenal statement read: “We are disappointed by the ASA’s decision to uphold their ruling following our appeal.
“We have complied with the ASA’s guidance since the original ruling, and we will continue to comply in our future communications in this fast-moving area.”