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Why did these big football clubs withdraw from partnerships with crypto companies?

2 min read

The two football giants, Barcelona and Manchester City, have preferred to withdraw from their respective partnerships with crypto companies instead of potential commercial disasters. Barcelona wanted to avoid possible exposure in a negative light due to the partner’s involvement in the crypto scam, and Manchester City withdrew due to the company’s lack of digital footprint, leaving the company’s status unclear, posing a potential future threat to the club.

The fraud forced Barcelona to withdraw from the partnership

Barcelona suspended its partnership with Ownix ​​after Moshe Hogeg, a businessman associated with Ownix, was exposed as one of the detained cryptocurrency scam suspects. Earlier this month, Barcelona, ​​in collaboration with Ownix, announced the launch of its NFT collection, reminiscent of the team’s history. However, this partnership turned out to be very short-lived.

“In light of the information received today, which is contrary to the values ​​of the club… FC Barcelona hereby announces the cancellation of the contract for the creation and sale of the NFT with Ownix ​​with immediate effect.

Ambiguous status of Manchester City crypto partner

In the case of Manchester City, the football club withdrew from its partnership with 3Key Technologies after the limited digital footprint of the company and its executives was revealed. The partnership, which was announced only a week ago, was suspended due to the ambiguous status of the company.

Despite having done “due diligence on all of its partnerships” in the past, Manchester City never expected to find itself in a situation like this.

“Based on the club’s interactions with 3Key Technologies in recent days, Manchester City is now conducting further investigations into 3Key Technologies and the partnership has been suspended until satisfactory.”

City said the sponsorship came from no specific products or services in any part of the world.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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