Socios - where are we now?

Clive Miers • February 23, 2025

LUSN update on financial position of Socios - The Socios Rip Off

Back in August 2021 we sent an article to all our members revealing the 'gamble' of Socios  - highlighting the high risk and that fans must be prepared to lose all their money. We also sent numerous emails and had discussions expressing our concerns to the CEO of LUFC.


The Gamble of Socios

The Club however glossed over the dangers and promoted it as a way to 'get closer to the Club'. The CEO of Socios proudly announced


'Through LUFC fan tokens , Leeds supporters the world over will be able to join a global community brought together by their passion for the club where they can enjoy influence.'


The global community, rather than one enjoying influence, is one united in catastrophic losses. Indeed the Leeds United fan token is the worst performing token in the world. The 3000 odd purchasers at the launch now have so little of their investment left it would not buy a beer at Elland Road to drown their sorrows.


Socios now

It is not however a problem unique to Leeds United. All the English Clubs, bar one , have seen their Socios fan tokens fall dramatically.


                                  % Fall     $current value

Leeds United       99%        0.04

Crystal Palace    97%        0.07

Everton                  90%        0.27

Aston Villa            84%       0.43

Arsenal                  76%        0.65

Spurs                      60%        0.79

Man City             +58%        1.39


(prices as 19 Feb 2025)


We said at the launch that 'it appears to be a western street front of respectability pulling in the unwary, but hidden behind is a raucous gambling den, with marked cards. Enter in there at your peril'


Such have been the commissions generated by the sale of club tokens a compensation industry is springing up. The product was and still is unregulated and it may be difficult for these companies to have any success. However many football clubs have part of their business regulated by the Financial Conduct Authority and they do expect a regulated business to have the same duty of care to its customers as if the product had been regulated, particularly when high levels of commission are being paid as in the case of PPI. It is difficult to know how much the club received from Socios, but based on some figures that Crystal Palace announced this could be around a million dollars.


Solicitors acting in the market suggest that:


1. If the rules were not fully explained .....

2. If incentives were offered to invest .....

3. If the information was misleading and incomplete .....

4. The investment was not suitable .....


..... then there is a possibility of compensation. We stated and indeed suggested to the Club that 'this is not a product that should be bought by the broad fan base'


There is little positivity in this sorry debacle, however for those supporters that have capital gains, their taxation liability can be reduced by any realised losses on the sale of the tokens by claiming on their self assessments.


For the rest, maybe a half.

To add insult to injury Socios have devised a way of extracting the last remaining monies from many Leeds Supporters. Unless fans have engaged in a 'regulated activity' in the last 12 months they will be subject to a monthly charge of 5 euros if they don't follow a complicated procedure of moving their 'investment' to a Socios dictated wallet. For many this will be their only venture into the world of crypto and likely to be their last. 


As a £100 investment was worth £1.50 ( 26/02/25), less than the cost of a first class stamp, it is unlikely that many Leeds supporters will attempt such a challenging and intricate move, giving Socios a further windfall, and proving the warning that you can lose all your money. Within a couple of months supporters of 23 clubs may have lost all their money.


The use of the term 'regulated' will be of interest to the Financial Conduct Authority (FCA) as the buying and selling of crypto is not regulated which the FCA are at pains to emphasise, Is this an attempt to mislead the unwary, introducing a term that legally cannot be complied with or encouraging more people into the dark world of crypto addiction ?


We are pleased we were able to warn supporters about this offer at the beginning and sincerely hope that none of our members have suffered as a result. We will continue to provide information for those who are interested.

March 6, 2026
The Leeds United Supporters’ Network (LUSN) The Leeds United Supporters Network (LUSN) welcomes the statement issued by Leeds United F.C. ahead of Sunday’s FA Cup fixture with Norwich City F.C. - LINK We appreciate the club acknowledging that greater communication prior to the Manchester City fixture would have helped supporters better understand the circumstances around the pause in play. This recognition reflects a key point raised in our statement earlier this week regarding the role that insufficient communication contributed to confusion inside Elland Road. We also welcome the club’s reflection on several mitigating factors which may have influenced supporters’ reactions, including stadium messaging limitations and the context of previous fixtures. Recognising these elements is an important step toward ensuring situations such as this are better managed and understood in the future. Our full statement outlining our position and concerns can be read here - https://lusn.co.uk/lusn-statement-040326a LUSN looks forward to working more closely with the club, the Leeds United Supporters Trust, and Leeds supporters everywhere to strengthen communication, representation and collaboration, as we collectively strive to restore both the club and its reputation to where we all believe it should be. LUSN Committee Board
March 4, 2026
The Leeds United Supporters’ Network (LUSN) wishes to formally respond to recent correspondence and public commentary concerning events at the recent fixture involving Leeds United F.C.. First and foremost, LUSN fully supports equality, inclusion and respect within football. We recognise the importance of religious observance and the need for sensitivity around such matters. However, the subsequent public narrative surrounding this incident has been incomplete, unbalanced, and in several respects inaccurate. 1. Stewarding and Matchday Management It is our understanding that insufficient communication and coordination from the club contributed to confusion in the stadium. Greater clarity from Leeds United F.C. and match officials prior to and during the fixture could have mitigated misunderstanding and reduced the reaction witnessed. 2. Crowd Reaction Misrepresented It is incorrect to suggest that the reaction came solely from Leeds United supporters. Audio and broadcast footage indicate that any audible booing was not confined to one section of the ground. The public characterisation of this as an issue attributable to “ Leeds fans ” is therefore misleading. 3. Broadcast Scheduling Considerations Broadcasters were reportedly aware of the potential need to accommodate fasting requirements. There was opportunity within the broadcast schedule to implement a short delay (approximately 15 minutes) which may have prevented disruption during active play. This option was not taken. That context has not been acknowledged in subsequent commentary. 4. Lack of Consultation Despite statements implying dialogue with supporter bodies, neither LUSN nor other recognised Leeds United fan groups were consulted by the Football Supporters' Association or Kick It Out prior to public statements being issued. Any suggestion that supporter groups were engaged in forming those responses is incorrect. 5. Timing and Tone of Public Statements The statement issued by Kick It Out approximately one hour after full-time attributed blame to “some Leeds fans” We question whether a representative was present at the match and whether a more measured, fact-based assessment would have been more constructive. Rapid, reactive statements risk inflaming rather than resolving situations. 6. Context Omitted No reference was made to wider context, including discussion following the reverse fixture at Etihad Stadium last November, where second-half events prompted widespread debate about competitive integrity, tactical pauses, and perceived advantage. For many supporters, reactions were influenced by that prior experience. Ignoring this context oversimplifies a complex situation. 7. Competitive and Regulatory Questions There remains a legitimate question as to whether the participation of all 11 players in such pauses is clearly defined within competition regulations, or whether it can be construed — rightly or wrongly — as creating an unintended competitive advantage. This topic was widely debated following the Etihad fixture. Supporters expressing views on such matters falls within the bounds of freedom of expression, provided it does not cross into discriminatory conduct. The issues at hand have been conflated. A complex scenario involving scheduling, communication, competitive fairness, religious observance, and supporter reaction has been reduced to a simplified narrative that places blame squarely on “ some Leeds fans ” That portrayal does not accurately reflect the full picture. We are concerned about the precedent set when national organisations issue statements without consulting local supporter groups and without fully establishing facts. Oversimplification risks deepening division and undermining trust between supporters and governing bodies. LUSN remains committed to constructive dialogue with clubs, governing authorities, and equality organisations. We urge all parties to approach sensitive matters with balance, thorough consultation, and a willingness to consider the broader context. Football thrives on passion, diversity and debate. Those values must be protected responsibly and fairly for all. Leeds United Supporters Network Committee Board - Wednesday 4th March 2026 Image Courtesy of Express Newspapers
By paul keat January 8, 2026
The Leeds United Supporters’ Network is deeply saddened to learn of the passing of Terry Yorath, aged 75. Terry was a proud servant of Leeds United , a former Wales captain and manager, and a respected figure in football both on and off the pitch. Our thoughts are with his family, friends, and all who knew him. Terry emerged as a strong, natural leader in Don Revie’s great Leeds United side of the early 1970s. Although born in Cardiff, Wales, he signed as a schoolboy, and went on to play a key role in the 1973–74 First Division title-winning team and featured in the 1975 European Cup Final, becoming the first Welshman to play in that competition’s final. He later enjoyed distinguished spells with Coventry City and Tottenham Hotspur, captaining Coventry with pride, and represented Wales with great commitment, earning 59 caps. Beyond his playing days, Terry gave much to the game as a manager, most notably with Wales, where he led a talented side that came heartbreakingly close to qualifying for the 1994 World Cup. His life was marked by personal tragedy, including the loss of his son Daniel and his presence at the Bradford City fire, events that showed his courage and humanity away from football. Terry Yorath will be remembered by LUSN members, and Leeds United fans everywhere, as a fierce competitor, a leader, and a man who represented our club with honour. As with all our legends, he will never be forgotten.
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