Football Index Suspends Trading - QPR & Nottingham Forest to Lose Shirt Sponsor
Controversial betting / football stock platform Football Index yesterday announced that it would "suspend the platform after a difficult and challenging week".
The site, which allowed people to buy "shares" in football players and this way profit from their real-life performance. A series of changes made by the site led to massive crashes on the market. As reported by the Guardian, the price of one "share" in Jadon Sancho, which was once priced at £15 had dropped to less than £1.
Football Index's statement reads the following: “We are pursuing a restructuring arrangement to be agreed with our stakeholders including, most importantly, our community. We are preparing this through an administration with insolvency practitioners Begbies Traynor, to seek the best outcome for customers with the goal of continuing the platform in a restructured form.”
It remains to be seen what happens with QPR and Nottingham Forest's deals with the company now that it's headed into administration. QPR's, announced in 2020, for one, is a one-year deal with an optional second year that is now very unlikely to be taken up by Football Index. Regarding Forest, the club said that they were in talks with the company when asked for a statement by the Daily Mail.
Have you lost any money in the Football Index crash? What are your thoughts on the situation? Comment below.
