Kieran Maguire warns Leeds not to be ‘blinded by the cheque’ after official statement issued
Leeds United must be careful not to be “blinded by the cheque” before embarking on potentially ethically murky sponsorship deals.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about Leeds’ involvement in the world of cryptocurrency.
The West Yorkshire side were one of the dozens of clubs that signed with crypto company Socios at the outset of the season.
Fan group LUST stated in August last year that members were “dismayed” at the decision to get in bed with the blockchain-cum-fan-engagement firm.
An official Leeds spokesperson told The Sun yesterday (28 January) that they had “carefully considered” their responsibilities to fans around crypto.
Per The Times on Wednesday (26 January), one of the game’s biggest crypto platforms, IQONIQ, has entered liquidation in a development that leaves thousands of fans out of pocket.
And Leeds must exercise extreme caution before they become bedfellows with partners that may look to exploit fans for profit, insists Maguire.
“The crypto and NFT market is volatile and unregulated,” he told Football Insider‘s Adam Williams.
“It is very much a case of buyer beware. Many clubs in the Premier League are presently sounding out their fans to gauge the response to these deals.
“They will suffer reputational damage if they are seen to be connected to highly volatile, quasi-gambling products.
“People do suffer losses as a result of these companies. Due diligence should be taking place and there should be respect paid to fans.
“Too often, we are seeing clubs blinded by the cheque and ignoring the consequences for fans. Look at the collapse of Football Index, for example.”
IQONIQ was formerly the sleeve partner of Crystal Palace, but the deal was abandoned after five months in February 2021.
The value of the Leeds fan token spiked in value in December last year before plummeting at the start of 2022.
In other news, Noel Whelan claims Leeds United set for Raphinha boost after what he’s seen.