Thousands Of Football Index Investors Have Lost 'Life-Altering' Amounts Of Money
Football Index investors have lost 'life-altering' amounts of money on the virtual gambling platform - due to massive share price drops.
The platform allows football fans to invest in the future success of players across the globe over a three-year period, while earning dividends from their performance on the pitch.
It's been revealed the company, which is licensed by the Gambling Commission, had told users that any major changes would have 30 days notice.
But Friday saw massive changes come in after consultations with legal and financial advisors to 'ensure the long-term sustainability of the platform'.
Users have now seen their money 'trapped in the system' with any kind of payout holding masive losses.
As of Monday, the maximum dividend to be earned is 6p while it used to be 33p.
Erling Haaland is available to purchase for £1.14 but can only be sold for 76p with previous offers coming around £7.49.
Users have taken to Twitter and shared their situation given the massive changes on such short notice.
This is just the worst. #footballindex pic.twitter.com/4OgvgAWuZI
- SgtSnowman (@FISnowmansgt1) March 6, 2021
More Like ThisMore Like This
To say I feel sick is an understatement...my life savings up in smoke, how can they get away with this #footballindex pic.twitter.com/3RSAiSaEIZ
- Si_FI (@SiFI50065872) March 7, 2021
Football Index recently explained they were in the 'strongest financial position' of their five-year history.
A Q&A was set to be hosted by chief executive Mike Bohan on February 18 as a means to bring stability to the platform.
That would be postponed and replaced by Friday's announcement and Football Index told The Guardian: "When the Q&A was announced, the senior management team hoped we were in a position to continue with dividends at the current level until the end of the season.
"When it became apparent that this may not be the case, we postponed the full Q&A with the express purpose of not misleading customers while an appropriate route forward could be agreed with our external advisors.
My life is literally in @FootballIndex hands right now lol, my missus thinks our savings is in an account I can't touch...#footballindex
- Gingitszu (@Gingitszu) March 5, 2021
"As soon as the board had agreed a revised plan, on Friday 5 March, we published an extensive written statement addressing the most pressing concerns raised by our customers."
Football Index currently sponsor Championship clubs Queens Park Rangers and Nottingham Forest and also claim to have paid out £11 million last season.
Featured Image Credit: FISnowmansgt1/Twitter & PA Images
Chosen for YouChosen for You
Most Read StoriesMost Read