PSG star Lionel Messi signs $20million deal to promote crypto fan company Socios

PSG star Lionel Messi has signed a $20million (£15m) deal to promote crypto fan company Socios.

The 34-year-old is the latest sports star to enter the crypto world, joining NFL quarterback Tom Brady and NBA legend LeBron James.

The Argentina international will be an 'ambassador' for Socios and will be involved in a promotional campaign for the company in the build up to November's World Cup in Qatar.

According to Reuters, Messi's three-year agreement does not include crypto payments but his move from Barcelona last summer did include cryptocurrency.

Fan tokens are a type of cryptocurrency that can allow holders to vote on mostly minor decisions at their club, as well as access to exclusive clubs.

Socios have signed deals for over 130 sports organisations, including Messi's Ligue 1 side PSG, Manchester City, Barcelona and Juventus.

However, an investigation into the firm's business practices has put Premier League clubs under pressure to review their relationship with the organisation.

Arsenal told The Mail on Sunday that they had approached Socios and parent company Chiliz for more details on allegations around its chief executive Alexandre Dreyfus and the supposed non-payment of staff.

Supporters groups, meanwhile, have said the report highlights how leading sides have been too quick to enter partnerships with crypto-based companies.

Arsenal are one of six Premier League clubs who have partnered with Socios along with Aston Villa, Crystal Palace, Everton, Leeds United and Manchester City.

The investigation by the Off The Pitch website found that Dreyfus, a French internet entrepreneur, had advised against paying high-profile individuals to protect the value of his firm's cryptocurrency.

Four Socios 'advisors' working in Korea, including a high-profile tech executive, told Off The Pitch initially that they had not been paid what Dreyfus owed them in the cryptocurrency. Some of the advisors had appeared at events promoting his brand.

The advisors were paid shortly after Socios management established that they were in contact with Off The Pitch.

Socios staff were also due to be paid in Chiliz but initially went unpaid until the terms of their contract were rewritten, leaving them with less money than they would have earnt had they cashed in their currency sooner.