Finance expert claims Spurs were ‘blinded by the cheque’ after sponsorship goes bust

Football Finance expert Kieran Maguire has accused the Tottenham hierarchy of being ‘blinded by the cheque’ after the club’s sponsor Fast went bust.

Tottenham announced back in January that US-based company Fast had become their ‘Official One-Click Payment Partner’, offering a single payment button for purchases in the Spurs shop and at the stadium.

However, The Daily Mail revealed last week that the company had gone bust and had not paid a single penny to Spurs in the three months following the announcement.

As a result, the branding has been removed from the ‘Our Partners’ section of Tottenham’s official website.

Maguire questioned why Tottenham had not done due diligence on the company before entering into a partnership, pointing to a similar example that happened with Huddersfield Town a few years ago.

He insisted that it would not have taken much time or effort for the North London club to see that the agreement involved a high element of risk.

Maguire told Football Insider: “You should be doing due diligence. By getting into any form of partnership, you are effectively endorsing it. Also, from a cash flow point of view, the last thing you want is to have no money coming in.

“Huddersfield Town a couple of years ago had their energy drinks partner go bust. Anyone who had done any background research would have seen that it was high-risk. It’s just standard business practice.

“Why give somebody the benefit of your name without checking you are going to be financially rewarded for it. They were blinded by the cheque.”

Spurs Web Opinion

One would have certainly expected a brand as big as Spurs to do their due diligence on the brand. Perhaps, Spurs knew the risk involved in the business model of Fast and bet on the fact that the venture would prove successful, and they would benefit as a result.

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