2023-10-01 09:33:53
English Premier League soccer club Tottenham Hotspur is under fire from its fans following it announced a new partnership deal with fan token issuing company Socios, The Times reports. According to the club, the partnership “gives fans worldwide access to a unique range of club-related activities, rewards and experiences”. According to reports, the tokens will be free to season ticket holders and club members, while non-members will have to pay $2 per token. However, the Tottenham Hotspur Supporters’ Trust has expressed concern that the project will not only charge fans to interact with their club, but “encourage fans to enter a cryptocurrency ecosystem that many will have little knowledge of”. “It is important that there are no financial or technological barriers to fan engagement.” – says the Trust – “However, this relationship potentially creates both”. Although potentially very profitable, fan tokens, which allow fans to vote in club polls and participate in tournaments, are quite a controversial topic. As we reported back in 2021, clubs such as Manchester City, Barcelona, Juventus, Arsenal, Leeds United and Paris Saint-Germain (PSG) have all taken advantage of the growing popularity of cryptocurrencies to increase revenue and their own fans. appeared on the market with tokens. But fan groups lamented that once the tokens were issued, fans were not given the support they needed to help newcomers understand the vagaries and volatility of crypto markets. To date, Socios has created tokens for more than 50 clubs worldwide, including Manchester City, FC Barcelona, AC Milan, Inter Milan and Tottenham’s London rivals Arsenal. Back in 2019, the company also created a fan token for West Ham United in the Premier League. However, the club terminated the partnership following just over a year when fans launched a campaign once morest him. Spurs owner sells Bahamian property to SBF The Socios partnership isn’t the most controversial cryptocurrency-related news to hit Tottenham Hotspur in recent weeks, however. In August, media portals reported that Spurs billionaire owner Joe Lewis sold disgraced FTX founder Sam Bankman-Fried real estate in the Bahamas worth more than $76 million. Lewis also had to post perhaps the largest bail in history at $300 million while facing insider trading charges. That bail was regarding $50 million more than Bankman-Fried had to post. Lewis is accused of helping his ex-girlfriend — then 23-year-old Carolyn Carter — and his personal pilots invest in a number of biotech companies before positive news regarding the companies was publicly announced. Together, the three individuals made a profit of more than half a million dollars.
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