Football club PSV has decided to break all ties with sponsor Investous after the company’s financial dealings were revealed in consumer television programme Opgelicht.

PSV said in a statement that the club had suffered ‘reputational damage’ because of the adverse publicity and that the contract, which runs until 2020, could therefore be cancelled.

Investous is accused of putting fake advertisements on Facebook using Dutch celebrities to lure people into investing in high-risk financial products, such as bitcoins. Several people lost thousands of euros, with one woman losing some €800,000, ‘Opgelicht’ (Conned) revealed.

PSV said that when the contract with Investous was signed nothing hinted at less than honest dealings by the company. When rumours began to surface about Investous’ way of working some months ago the club’s legal department summoned the company several times to deal with complaints.

However, contractual obligations, now found to be breached by Investous, stopped the club from ending the sponsorship earlier, PSV said.