Tottenham Hotspur have sparked an argument among their fans with the recent announcement of a ‘multi-year partnership’ with socios.com, a controversial fans token company.
The club unveiled the partnership earlier today, highlighting its aim to provide fans across the globe with access to an array of unique club-related activities, rewards and experiences.
Socios are famous for issuing tokens based on blockchain, the technology that underpins cryptocurrencies such as Bitcoin and non-fungible tokens (NFTs).
Fan tokens, which are digital assets, can be purchased by supporters, granting them voting rights in club polls and participation in competitions for various prizes.
Through this collaboration, Tottenham fans can also anticipate rewards such as big Sscreen messages, VIP tickets, Spurs Shop vouchers and virtual meet-and-greet opportunities.
The plan is to launch the ‘Spurs Fan Tokens’ on October 4, which will be available to non-members for an initial price of approximately £1.65 each.
While the club has lauded the partnership as an opportunity to enhance fan engagement, the Tottenham Hotspur Supporters’ Trust (THST) has expressed concerns regarding the deal.
They argue that fans will be encouraged to invest real money in unregulated tokens that have demonstrated fluctuations in value over time.
THST also hit out at the club for failing to consult with them about the move or give any pre-warning that an announcement was imminent.
Socios have partnered with over 50 clubs globally – five of which are in the Premier League – and reached an agreement with UEFA last year despite facing opposition from fan groups.
West Ham United agreed a partnership with the Socios in April 2019, only to cancel the agreement 15 months later without a single fan token being issued.
Socios statement
After this story was published (September 28, 2023), a Socios spokesperson reached out in response:
“Fan Tokens allow clubs to connect with and reward all their fans regardless of where they live. If we and clubs don’t provide a compelling offer, fans will not want Tokens – that’s why we’re working hard to ensure fans are getting the most out of their Token.
“Token holders have met club legends, played on their club’s pitch and received VIP tickets. All Spurs members and season ticket holders will be offered a Token for free, so they can benefit from the get-go.”
