Kieran Maguire: Rangers gamble has now backfired after mysterious sponsor 'disappears'
Rangers rolled the dice when they got into bed with an NFT company – and that gamble has now backfired.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider about the Ibrox club’s now-defunct deal with Sportemon Go.
Rangers signed with the NFT trading platform in October last year, with the firm’s branding appearing on the back of their shirts in the Europa League.
But, as relayed by The Athletic on Wednesday (4 May), the company has now ceased trading after their token price crashed.
Sportemon Go also had a deal in place with Hibernian as well as individual partnerships with Luke Shaw and Andy Robertson.
But basic details about the company were unavailable and it has now stopped using its social media platforms.
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Maguire claims that Rangers were playing with fire when they signed up with the mysterious firm.
“We have seen more than 1000 crypto companies disappear since they were launched,” he told Football Insider’s Adam Williams.
“It is the equivalent of the late-90s tech boom. Lots of people are looking for the next big thing.
“But you’re buying a lottery ticket when you invest time and money in those businesses.
“That is the challenge, and it is also the challenge for the fans. What are the chances of getting anything of any value from the deal?”
Rangers earned £10.7million in commercial income in 2020-21.
They reached the final of the Europa League with a historic 3-1 win over RB Leipzig on Thursday (5 May).