Leeds United linked to dying industry as David Beckham ditches £5m-a-year agreement
Leeds United have been linked to the struggling industry of cryptocurrency amid the development that David Beckham has ditched a £5million-a-year agreement with one crypto firm.
According to The Mail on Sunday, the former Manchester United and Real Madrid star has “quietly” cancelled his deal with DigitalBits.
Leeds meanwhile are one of several Premier League clubs to have partnered with blockchain-based fan engagement platform Socios, with the newspaper adding that football has at large “fared badly” with such companies.
“David Beckham has quietly ditched a £5million-a-year ‘global brand ambassador’ deal with disgraced crypto form DigitalBits,” according to The Mail on Sunday (page 98, 11 June).
“The football industry at large has fared badly in the ongoing ‘crypto winter’ which has seen the value of most cryptocurrencies and other digital assets plunge.
“Manchester City, Arsenal, Aston Villa, Everton, Leeds and Crystal Palace have all partnered with Socios to launch ‘fan tokens’ in the last two years, all with a nominal value of £2 each. All but the City tokens have plummeted, losing as much as 83 per cent of their value.”
Unwanted industry
Sadly getting involved in such an industry is seemingly the way forward for many football clubs, with huge amounts of money available when agreeing deals in the cryptocurrency industry.
It is an extension of the hugely popular gambling industry, with countless clubs throughout the world constantly relying on revenue from deals with the likes of land-based and online bookmakers.
However, these sponsorship agreements are currently under the lens of the Government in the UK, and look set to be phased out in the years to come.
Hopefully that also means putting an end to cryptocurrency agreements and partnerships with the various digital asset firms, as there is already enough money involved in the sport as it is.
Along with global icon Beckham, DigitalBits was ditched by Serie A giants Inter Milan and Roma, which definitely bodes well for the football industry that it is slowly but surely realising just how unnecessary such deals are.
In other Leeds United news, ‘sharks' are circling to sign one Whites player who wants to be at the top level after relegation.