Premier League leaders Man City announced a new cryptocurrency deal on March 4, just four months after their previous crypto deal collapsed.
Manchester City will be ‘very wary’ of the extra scrutiny they’ll come under with their new cryptocurrency deal, according to finance expert Dr. Dan Plumley.
At the start of the month, City unveiled a new multi-year global partnership with Seychelles-based firm OKX. The club didn’t disclose any of the financial aspects of the deal. However, as per Forbes, it’s said to be in the ‘multimillion-dollar range annually’.
The Citizens made this announcement just four months after their previous collaboration with 3Key collapsed after concerns over the start-up company’s legitimacy arose.
The Athletic then claimed last week that the City-OKX promotional material advertised crypto derivatives, which are prohibited in the UK.
Welcome to @okx, Official Cryptocurrency Partner of Manchester City.
Game On! 🙌
— Manchester City (@ManCity) March 4, 2022
‘That does prompt greater scrutiny’
Speaking to Football Insider, Plumley gave his insight into the ‘murky’ nature of crypto-sponsorship deals.
“It’s murky, some of the stuff we’re dealing with here,” said the Sheffield Hallam University expert.
“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.”
What next for Man City?
Pep Guardiola’s men return to action this coming Sunday for an FA Cup quarter-final match against Southampton.
Despite their away disadvantage, Bet365 has them priced as the overwhelming favorites to win the game. A City win pays out at 1.30 at the time of writing, meaning they have a 77% chance of sealing a spot in the FA Cup semi-finals this weekend.
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