Finance guru: Man City ‘very wary’ as ‘murky’ deal under the microscope
Man City will be “very wary” of the additional scrutiny they are under with their new cryptocurrency deal.
So says finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about City’s global partnership with Seychelles-based firm OKX.
City announced the partnership on 4 March, four months after their old crypto deal with 3Key collapsed due to concerns over the firm’s legitimacy.
And per The Athletic last Tuesday (8 March), City-OKX promotional material advertised crypto derivatives, which are banned in the United Kingdom.
Plumley claims that the nature of the crypto industry means that sponsorship deals are always likely to come under extra scrutiny.
“It’s murky, some of the stuff we’re dealing with here,” the Sheffield Hallam University expert told Football Insider‘s Adam Williams.
“We are still not sure of the regulation and governance around it. That does prompt greater scrutiny from people on the outside looking in.
“The club have to be aware of that. It is the same with any sponsor, but this is a very new thing in a very new industry.
“That’s where due diligence and background checks come in. City in particular will be very wary of this because of the controversy with 3Key.“
City earned £271million in commercial income for the 2020-21 financial period.
They revealed a £4.8m surplus in their company accounts and are the only Premier League team so far to record a profit for the season.
In other news, pundit claims Erling Haaland could U-turn on Man City transfer after journalist’s update.