FC Barcelona, Man City canceled crypto deals show cash is not everything

The sports industry took a hard hit from the coronavirus pandemic. Most leagues got suspended, and then teams played without the audience for an extended period. Sports clubs started to seek out new revenue streams, and the crypto industry arrived to aid with juicy deals. 

Numerous partnerships between major sports clubs grabbed headlines over the last year. Even national teams and major club unions joined the trend. So, it became even more surprising when FC Barcelona and Manchester City, two of the biggest soccer clubs in Europe, terminated their crypto-related sponsorship deals in the same week.

FC Barcelona canceled its partnership with nonfungible token (NFT) marketplace Ownix following the arrest of Moshe Hogeg, an Israeli crypto entrepreneur who was among the company’s consultants. Ownix was quick to deny any organic link to Hogeg in a Twitter flood. Cointelegraph reached out to Ownix but the company declined to comment further on the issue.

Manchester City also suspended its deal with 3Key, which the club had announced as a regional partner in “decentralized finance trading analysis and advisory technology” just a week earlier.

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