DUBAI: Benevolence toward fans one day. Making money off them the next day.
Champions League organizer UEFA faced criticism on Tuesday for monetizing supporter engagement by partnering with a company that sells fan tokens through largely unregulated cryptocurrencies.
The commercial deal was announced a day after the Football Supporters Europe group praised UEFA for giving away 10,000 tickets to the Champions League final this season, with thousands of fans also able to attend the other European club competition finals for free.
Englandâs Football Supportersâ Association said the announcement showed the âgood and bad of UEFA summed up in two days.â
Socios said it was becoming the official fan token partner of main menâs competitions. Fans buying its blockchain-based tokens will be rewarded with âVIP tripsâ to the season launch events, the chance to visit UEFA HQ in Nyon, Switzerland, meetings with âlegends,â match tickets, merchandise and memorabilia.
Football Supporters Europe said it was âappalledâ by the Socios deal with UEFA, which did not announce the sponsorship.
âIt is a clear attempt to monetize footballâs responsibility to properly engage with representative fansâ groups and their concerns,â FSE said. âSince Socios began monetizing fan engagement through âfan tokens,â they have met strong opposition from fansâ groups.â
The announcement from Socios included no disclaimers about the risks. In England recently, Arsenalâs promotion of Socios tokens were ruled to have broken advertising regulations and were banned for taking advantage of consumersâ inexperience in cryptocurrencies.
âUEFAâs partnership with Socios legitimizes risky investments in highly volatile and largely unregulated financial assets,â FSE said. âThe vast majority of Socios investors who hold âfan tokensâ are crypto-speculators, not football fans.â
Socios did not make anyone immediately available for comment, while CEO Alexandre Dreyfus did not respond to a message seeking a response to the criticism.
Dreyfus claimed the tokens enable fans âto become more than spectators and play active roles in the biggest club football competitions on the planet through fan tokens.â No details were provided how fans will play such an active role in the Champions League, Europa League, Europa Conference League and Super Cup.
Dreyfus appeared to be a FIFA guest at the Club World Cup final on Saturday. He tweeted a photo wearing a VIP lanyard and a Socios mask at the game in Abu Dhabi that was won by Chelsea. FIFA did not respond to questions seeking comment on who invited Dreyfus and if it planned to enter into a partnership with Socios as the global governing body.
Fan groups slam UEFA crypto-token Champions League sponsor
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Updated 15 February 2022
Fan groups slam UEFA crypto-token Champions League sponsor
- Socios said it was becoming the official fan token partner of main men's competitions
- Football Supporters Europe said it was âappalledâ by the Socios deal with UEFA, which did not announce the sponsorship