Kieran Maguire: Chiefs told to think ‘very carefully’ after Man City ‘disaster’
The Premier League must think “very carefully” before getting into bed with cryptocurrency companies after the Man City 3Key disaster.
So says finance expert Kieran Maguire, speaking exclusively to Football Insider about the latest developments at Premier League headquarters.
The Times reported that on Monday (19 November) that the top-flight is set to investigate its clubs’ relationship with cryptocurrency providers.
However, it is also claimed that the Premier League is considering a cryptocurrency deal of its own.
The news comes after City were forced to suspend their tie-in with 3Key following accusations of a lack of due diligence.
The company had a notable lack of online footprint and the individuals ostensibly in its employ could not be traced.
Maguire claims that the 3Key debacle should tell the Premier League about the dangerous waters surrounding the crypto industry.
“The main thrust of crypto is a good one,” he told Football Insider correspondent Adam Williams.
“Existing bank charges are too high. The aim is to transfer money more cheaply than through the cartel that currently exists.
“A disruptor to the market is always good. It’s the same with NFTs. People enjoy collectables. It’s the digital version of Panini cards.
“When these products and services, this is where the Premier League are being used as a bridgehead for their legitimacy.
“Therefore they are absolutely right to take a step back before embracing these industries.
“The 3Key deal was a disaster, as was Barcelona’s with a similar company. So we need to think very carefully before legitimising these products.
“National governments have tried to introduce controls on the companies. The ICC has also prevented sponsorship, so other sports are taking action.“
City rely heavily on their commercial income and raked in £246.3million from their various partnerships in the last financial year.
On the pitch, Pep Guardiola’s side are one point behind league leaders Chelsea after 14 matches.
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