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Barnsley are trying to end a new front-of-shirt sponsorship agreement with a cryptocurrency site after an investigation into discriminatory and abusive social media posts.

The League One club announced the deal with last week but are already seeking to terminate it after their supporters’ trust raised concerns over online posts, which it believed had come from individuals who claimed to have brokered the deal.

Barnsley announced on Tuesday they were investigating the posts and on Friday morning released a statement which read: “Barnsley Football Club value our fans and our core beliefs above everything else. Following recent events and a subsequent investigation, the club has assessed its relationship with its front of shirt sponsor and has taken steps to end that relationship with immediate effect.

“The logo will not appear on the team’s kits going forward. Further comment will be issued in due course.”

The supporters’ trust is working with the Football Supporters’ Association to call on the game’s authorities to create a set of common standards for any cryptocurrency partnership a club or league enters into, and to lobby clubs to carry out due diligence on any current or future cryptocurrency partners.

Cryptocurrencies are not at present regulated in the UK.