Kieran Maguire: Mystery West Ham deal 'built on foundations of sand' as new details emerge
West Ham have got into bed with an opportunistic company that preys on naivety to line its own pockets.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the Hammers’ relationship with PeakDeFi.
The club announced their partnership with the decentralised asset management platform earlier this year (9 May).
PeakDeFi, who run a cryptocurrency token scheme, do not list their contact address, company name or directors on their official website.
The Athletic reported on Tuesday (28 June) that both the club and the company declined to comment when asked why this is the case.
The same outlet found that PeakDeFi’s crypto toke had lost three quarters of its value since the deal with the Irons’ was struck.
Maguire explains that mysterious companies are de rigueur within the cryptocurrency industry.
“It is odd,” he told Football Insider’s Adam Williams.
“But unfortunately, if clubs choose to partner themselves with an industry which is based on a lack of regulation, it’s always going to be a case of buyer beware. Opportunism ranks above customer care here.
“Bill Gates has described the industry as the ‘find another fool’ scheme. You hike up the price, get people as interested as possible and then pocket the money yourself.
“This is further indication of an industry which is built of foundations of sand.”
West Ham are one of 19 Premier League clubs to have some form of commercial relationship with a crypto firm.
The Irons turned over £193million in 2020-21, the last financial year on record.