The English Premier League investigates the partnership between the teams and the crypto company

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2021-11-30 14:31:06

The English Premier League organizers believe that cooperation agreements with the cryptocurrency sector may not be in the interests of teams and fans.

The English Premier League investigates the partnership between the teams and the crypto company

According to the newspaper The Times UK, the organizers of the English Premier League (EPL) are planning to review the relationship between the teams and the crypto companies.

The COVID-19 pandemic has left many severe consequences for EPL, when in the second half of the 2019-2020 season and almost the entire 2020-2021 season, teams had to play with empty stands. This has caused Premier League clubs to lose up to EUR 1 billion in ticket sales and other sources of profit.

To compensate, many clubs have turned to other sources of revenue, prominent among them partnership agreements with cryptocurrency companies, which have grown rapidly during the same period. above.

According to the summary, as many as 17/20 teams at EPL are having crypto-related deals. A typical example is Chiliz/Socios, which has partnered with teams including Manchester City, Arsenal, Everton, Aston Villa and Leeds to issue fan tokens. These are cryptocurrencies that allow holders to enjoy certain team benefits or participate in club-related decisions.

List of teams that have partnered with Socios/Chiliz to issue fan tokens as of November 2021

Watford has partnered with cryptocurrency platform Stake.com and even put the Dogecoin logo on the shoulders of the shirt. Southampton is funded by learncrypto.com.

In addition, the logos of many crypto brands such as eToro, Coindeal, etc. regularly appear on advertising panels along the border, live TV to millions of viewers worldwide.

However, there have been mixed opinions about the above cooperation agreements, saying that they only benefit the team and ignore another important component, the fan community. A representative of the British Football Fans Association said:

“Cryptocurrency token fan agreements are trying to monetize petty issues that could easily be resolved with online fan votes that bought season tickets, or pose a financial barrier to entry. interact with the team.”

Not stopping there, the fact that cryptocurrency companies often have an unsecured reputation also leads to fraud risks. Manchester City recently announced that it will stop cooperating with a crypto company called 3Key Technologies after discovering many shady signs.

It is these concerns that are making the English Premier League Organizing Committee more interested in the above cooperation agreements. Another factor for regulators to consider is that the British Government is said to be about to propose banning betting sites from becoming the main sponsor of the team.

The sports field is currently a “fertile” land that many big brands in the cryptocurrency industry, mainly exchanges, target to promote themselves.

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