James GordonQPR dropped Football Index as a shirt sponsor after the company went into receivership.
Football Index, the online betting provider that authorizes the football exchange, has gone bankrupt and suspended its gambling licenses.
Rates have been suspended and customers cannot make deposits or withdrawals.
QPR officials have said they will no longer wear the Football Index logo on the front of the house or on their away shirts.
Sports is about what happened and how people reacted.
What is the football index?
Football Index, launched in 2015, allows users to buy so-called shares of professional footballers and pay dividends based on their performance.
When a player performs well, his transfer value increases or he signs with a bigger club, his share price rises.
The goal of users is to identify rising stars and buy stocks while they are still relatively cheap, then sell them at a profit after their value has risen.
The Football Index describes itself as a challenge to traditional bookmakers and an alternative to the traditional stock market, which can seem intimidating and inaccessible.
What happened?
The 5th. In March, Football Index announced a policy change that reduced payments to players, thereby lowering prices. This follows other share market price declines earlier this year. external link
The parent company of BetIndex Limited issued a statement on Thursday, the external link announced, saying the company had gone into administration following the appointment of insolvency practitioner Begbie Trainor.
She says the goal is to find the best solution for customers to continue using the platform in a restructured form, and that all aspects of the platform will remain suspended until administrators are in place.
The UK Gambling Commission and the Gambling Commission of Jersey, where BetIndex is based, subsequently suspended its licence.
What does this mean for users?
Users cannot withdraw funds from their accounts, which can result in significant losses for individual customers in the event of a business failure.
BetIndex has stated that it will hold user funds in a separate account that will be jointly managed with our advisors under the protection of existing fiduciary agreements.
The UK Gambling Commission has stated that it expects the company to focus on treating consumers fairly and keeping them informed of any developments that affect them.
The Jersey Gambling Commission has reminded BetIndex that it must still comply with licensing requirements, particularly in relation to customer funds, which it must protect and recover.
What about sponsored clubs?
Football Index have been shirt sponsors of Nottingham Forest since the 2019-20 season and signed a shirt sponsorship deal with QPR prior to this season.
QPR announced on Friday that the Football Index name and logo would no longer appear on the front of their home and away shirts from their next game against Huddersfield on Saturday.
We have entered into a one-year agreement with Football Index in good faith, said Lee Huss, chief executive of QPR.
In light of recent events, there will no longer be a Football Index logo on the front of QPR House or on the corridors outside.
Nottingham Forest, who host Reading on Saturday, have not yet commented on whether their kits will still be sponsored by Football Index.
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James Gordon
