Crypto Chaos: How Crawley Collapsed Under Reckless Ownership | Town of Crawley

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The word shambles often comes up when you ask people about Crawley Town. They sit 20th in League Two, are looking for their third permanent manager of the season after Matthew Etheringtons left after 32 days in charge and have dismissed three of their senior players.

When Wagmi United, a cryptocurrency sports company, bought the club in April, co-founder Preston Johnson said: “We believe the club can do better and our fans deserve better.

They finished 12th last season so it’s clear that Wagmi United’s plans aren’t working. There have been moves to interact with fans, take their opinions, and potentially implement their ideas. Crypto brothers Johnson and Eben Smith wanted to do things differently and create a tight-knit community of fans stretching from West Sussex to anywhere in the world with an internet connection. There was interest and excitement for fans in a new project starting at the fourth level.

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The highly respected Kevin Betsy has been brought in from Arsenal to be the head coach for this exciting new era. It lasted four months. Lewis Young was put in charge for an interim period and believed he had done enough to secure the job, but he too was replaced by Peterborough Under-18 coach Matthew Etherington.

Johnson explained how Etherington was a good fit for Wagmi due to his risk appetite which he rather crudely associated with the historic playing problems of former Stoke wingers. Etherington was later deemed too risky and sacked after just three games in charge. It has become clear to all parties involved that this partnership is not the right solution to move the club forward and achieve our goals, said the club’s director of football and interim chief executive, Chris Gully.

Even though Etherington managed 32 days at Crawley, his tenure was not without incident. He claimed he was not allowed to play striker Tom Nichols after the club agreed a fee with relegation rivals Gillingham. I was told after training that they had accepted an offer for me from another club and that I could no longer play, Nichols said. His exit after his last game for the club on 22 November caused an outcry from supporters.

Crawley co-owner Preston Johnson (centre) and caretaker manager Darren Byfield (right) watch the warm-up ahead of Stevenage against Crawley Town in League Two. Photography: James Boardman/Shutterstock

It’s been a busy summer in the transfer market for Crawley as they try to implement a statistics-based recruiting policy. Last season’s top League Two goalscorer Dominic Telford arrived from Newport in a coup for the owners. It was an attractive offer for the striker who now earns more than double what he earned at Newport, before bonuses. A financial incentive for Telford is to win the ball in the opposition’s half, an unusual bonus in professional football.

Then there was the case of trying to sign a centre-back in the summer who was offered a per-head bonus as part of a proposed deal. Considering the stats show the player in question making between 20 and 30 per game, it would have been a lucrative business in the fourth tier, but he opted to go elsewhere.

Recruitment also took an odd turn when the club announced they would be scouting a celebrity match taking place at The Valley, home of League One Charlton. Three Sidemen FC YouTubers, who have a partnership with Wagmi, have been granted trials at the club. All three players will be further assessed by coaches and staff during the session for possible inclusion in the squad for the Red Devils’ next FA Cup tie against Accrington Stanley on November 5, Crawley said. None of them have been signed.

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Since Etheringtons last game in charge on Boxing Day, a 2-1 loss to Sutton, experienced players George Francomb, who is the club’s captain, Tony Craig and Jake Hessenthaler have been left out of the squad. Francomb gave an honest assessment after the loss to Sutton, saying: We need to be stronger as a team. The squad is light and the squad is not good enough and we need help in January in my opinion. I’m sorry for the gaffer and Si [Simon Davies]. I’m sorry to the fans for the situation we find ourselves in. He hasn’t played since.

Matthew Etherington takes a first of what would turn out to be just a few practice sessions at Crawleys training ground in Southwater. Photograph: James Boardman/Alamy

Etherington was replaced by goalkeeper Darren Byfield, who was joined in the dugout for the away loss to Stevenage by co-chairman Johnson. The opposition game announcer tweeted: The highlight tonight was Johnson asking the fourth official at halftime how the subs work. As he sat on the bench. Good luck, Crawley fans. Johnson did not attend the next game in Newport.

The club’s supporters’ association requested a meeting with the owners, but Johnson responded in a statement that they could not do so immediately while the club went through the process of getting to the bottom of the sensitive legal issues. A conventional approach to ownership has not worked, it was claimed when Wagmi bought the club. An unconventional approach doesn’t work either.

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