January 31 – Fan token platform Socios has sued the Argentinian Football Association (AFA) for terminating their sponsorship contract.
An Argentine court issued an injunction, ordering AFA to recognise the three contracts signed with Socios “including the fan token, sponsorship of the national team and naming sponsor, and to refrain from performing any action, carry out any proceeding, or apply any measure that would hamper the exercise of Socios’ exclusive rights”.
The injunction is a temporary measure issued by the judge to guarantee and protect Socios.com’s rights whilst the legal process is on-going.
Socios claim that AFA has committed a breach of contract after the FA had signed a deal with Binance to sponsor the national team. The AFA will appeal against the injunction.
“These are normal processes that occur in these cases but they know there is no going back and we believe that in 15 days it will be resolved in favour of the AFA,” said AFA commercial director Leandro Pedersen.
In a statement, Socios.com said: “We welcome this decision from an independent justice system, which recognises that our contracts remain in full effect, and we will continue to actively collaborate with Argentina’s justice system to defend the rights of $ARG Fan Token holders.”
Earlier this month; AFA cancelled a previous agreement with Socios, alleging that had defaulted on a payment four months ago. Socios has denied those allegations.
Contact the writer of this story at moc.l1735264931labto1735264931ofdlr1735264931owedi1735264931sni@i1735264931tnuk.1735264931ardni1735264931mas1735264931