Kieran Maguire: Man City have banked £17m after ‘perfect’ news from the Seychelles
Man City have chosen the “perfect time” to cash in on the cryptocurrency industry as there is no telling how long it will remain a viable sponsorship avenue.
That is the view of finance guru Kieranv Maguire, speaking exclusively to Football Insider about City’s new training kit deal with Seychelles-based crypto firm OKX.
City unveiled OKX as their official crypto partner back in March.
The 2021-22 Premier League champions confirmed on Monday (11 July) that the deal has been expanded to encompass training kit sponsorship rights.
Forbes reported on the eve of the announcement that OKX were set to pay £17million for the one-season deal.
Maguire claims that crypto firms are now the “big-ticket” sponsor opportunity for elite clubs.
“This seems like the way most clubs are going if they want a big-ticket sponsor,” he told Football Insider’s Adam Williams.
“That is especially true for big clubs like Man City who don’t want to go down the gambling route. That wouldn’t fit well with the profile of the owners.
“There is a lot of money sloshing around the crypto industry. How long that is going to be the case, nobody knows.
“But it is certainly available now. So, from the club’s point of view, it’s the perfect time.
“One just hopes that City will, for a deal this size, have done their homework because they have had a few bumps in the road with partners in recent months.”
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