An Argentine commercial court has found Socios.com’s request valid regarding an alleged commercial conflict of interest related to sponsorship deals and approved an interim measure directing the Argentine Football Association (AFA) and Torneos and Competencies SA to recognize the agreements signed with Socios.com . This was told to Cointelegraph in a Spanish statement by Socio.com.
The agreement between AFA and Socios.com took place in May 2021 when the soccer team joined the fan token trend. Socios.com partners with more than 120 sports organizations around the world, including strong teams like Barcelona, PSG, Milan, Manchester City and Juventus. While his commercial deals are not limited to football, he also works with Formula 1 teams, NBA, NFL and MLS franchises, mixed martial arts brands and electronic sports teams.
Seemingly, The axis of the conflict would have to do with the unilateral termination of the football company’s contract with Socios.com and the creation of a very similar contract with another company in the cryptocurrency world, Binance.
According to Socios.com, the AFA has failed to honor the exclusivity clause of the deal signed by both parties, which includes introducing a fan token and national team sponsorship, among other things.
“We celebrate this decision by an independent court, which recognizes that the contracts with AFA and Torneos y Competencias SA remain in force, and we express our willingness to continue to actively cooperate with the Argentine judicial system to defend the rights of Fan owners Tokens $ARG,” expressed in the company’s official statement.
Argentine football and the world of cryptocurrencies
Beyond this conflict, Argentina has a track record that appears to be growing in terms of alliances between soccer and crypto assets. A witness case was Gimnasia de La Plata when they announced an agreement with French platform Sorare in May 2020 to create digital NFT maps for the entire squad and also for their then-coach Diego Armando Maradona. By 2021, other clubs such as River Plate, Rosario Central, Boca Juniors, Newell’s Old Boys and Vélez Sarsfield were admitted. His last alliance was with Racing Club.