A week after Manchester City signed a deal to acquire crypto startup 3Key for football, the football industry giant pulled out some very limited information about decentralized finance (DeFi).
The deal was cancelled before any products were activated.
“Due to the club’s interactions in recent days with 3Key Technologies, Manchester City is now undertaking further inquiries regarding 3Key Technologies and the partnership has been suspended until satisfactory resolution to all those inquiries,” a spokesperson for Manchester City said in a statement to Daily Mail.
3Key is a DeFi analysis platform and trading platform. It announced last Monday its deal to Manchester City under which it was set to become a regional partnership of the football team.
Multiple media reports quickly pointed out that there was not much information publicly available about DeFi and its executives. Ryan S Hodder was not listed in the official partnership press release, but he was identified as 3Key’s Chief Market Officer.
Although there is no evidence that 3Key committed any wrongdoings, the absence of public information has forced the football club out of the deal.
Football Clubs Are Getting Cautious
Manchester City isn’t the only football team to cancel a cryptocurrency deal. Barcelona FC ended its own marketing agreement with Ownix, a nonfungible token marketplace, last Thursday. This was because the platform was linked to Moshe Hogeg (an Israeli businessman who is suspected of fraud in cryptography), which Barcelona FC had cancelled.
Despite cautionary tales, crypto-rich companies are making huge deals with football industry giants. This puts their brand in front lucrative football fans.