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Premier League clubs want to enter the world of cryptocurrency

Premier League clubs want to enter the world of cryptocurrency

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Answer Premier League clubs want to enter the world of cryptocurrency

Two cash-strapped football clubs in England are trying to come up with new solutions through the initial coin offering (ICO), the Times reports.

Newcastle United and Cardiff City, the two Premier League teams, are said to be in negotiations with SportyCo, aiming to plan the initial offering of new cryptocurrencies.

It is worth noting that SportyCo is a decentralized platform specialized in sports finance and investment and is currently working with a Brazilian club to launch a new digital currency, and it is the official sponsor of the Spanish team Espanyol.

In the event that the negotiations are completed, it is expected that the digital currencies of the clubs will be sold, whether in the form of securities or service tokens. It may allow shareholders to receive a certain share of club revenues or to obtain benefits associated with club facilities.

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The report highlighted that the poor financial situation of Newcastle United and Cardiff City may be the main reason behind this move. As the Cardiff City team faces a financial burden of more than 150 million dollars.

And the financial crisis of clubs began to appear clearly in recent times due to the difficulty of managing financial affairs correctly, and the high wages of players in addition to the exaggerated commissions of agents.

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“The money raised in the initial offering (ICO) goes directly to developing the infrastructure in these clubs to stay with them forever,” said Marcs Fagg, co-founder of SportyCo. The company wants to reshape the world of football and sports in general by utilizing blockchain technologies and the unlimited uses of cryptocurrencies.


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