Kieran Maguire issues ‘never again’ verdict after Man City pull the plug on contract
Man City will “never again” get into bed with a commercial sponsor without ensuring due diligence has been carried out
So say finance guru Kieran Maguire, speaking exclusively to Football Insider about City’s deal with the mysterious cryptocurrency firm 3Key.
City unveiled 3Key as an “official regional partner” in November (2021) but the deal was suspended shortly after following allegations of malpractice.
The Daily Mail reported on Wednesday (5 January) that the reigning Premier League champions are now set to formally cancel the contract.
Investigations found that 3Key had a non-functioning UK website and that executives they purported to employ were untraceable.
City will think twice before signing off too hastily on deals with dubious companies in future, claims Maguire.
“City have dropped the ball on this,” he told Football Insider‘s Adam Williams.
“While publicly, they put on a corporate front, privately they will be irritated.
“In terms of the money involved, it’s only a minor irritation. But it’s not good for a club like City who are, in the main, incredibly professional.
“When they negotiate their deals, they are aware of the additional scrutiny that comes because they are Man City. Internally, they’ll be a bit annoyed.
“Next time they get involved with something like this, they will be double-dotting the Is and Ts. Never again. Lesson learned.“
City maintain that sufficient background checks were completed before they embarked on the 3Key deal.
The club have this week announced two new partnerships with luxury hotel brand Emirates Palace and renewable energy project Masdar.
In other news, major update on Sunderland bid to sign Man City ace Patrick Roberts.